The market value of bitcoin is close to a trillion dollars, with the total value of all bitcoins exceeding $ 900 billion for the first time today when the price reached new all-time highs.

Bitstamp, one of the oldest bitcoin exchanges still operating, recorded a record $ 49,000, bringing an unstable market value of $ 912.69 billion. Bitcoin is currently priced at $ 47,250 per coin, up 5% in the last 24 hours and 28% in the last seven days.

The market value of $ 900 billion represents an increase of only $ 354 billion in 2021. The previous record for Bitcoin’s market value was set on February 8, when it peaked at $ 888 billion.

Bitcoin currently accounts for 61% of the total market capitalization of all cryptocurrencies, which also hit an all-time high with most major currencies rallying with Bitcoin. The market capitalization of all cryptocurrencies today peaked at $ 1.463 trillion, reaching 88.5% in 2021 after starting the year with $ 776 billion.

According to CompaniesMarketCap, a website that rates the world’s most traded assets by market value, Bitcoin is now ranked ninth in the world, overtaking Facebook and Tesla last week. When bitcoins are ranked as countries by GDP, their value drops $ 900 billion between Mexico ($ 1.04 trillion) and the Netherlands ($ 886 billion).

Bitcoin’s recent gain came on the day the first Bitcoin ETF was approved in North America, the same week the news broke, Tesla bought $ 1.5 billion in BTC, and in the midst of an increasingly friendly regulatory environment against the development of fintech cryptocurrency.

Earlier this month, the Biden administration raised a buzz in the crypto community by appointing some crypto-friendly individuals to senior positions, which may indicate the possibility of closer collaboration between regulators and blockchain companies.

Source: CoinTelegraph

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