One of the renowned cryptocurrency exchanges, Bitstamp, saw Bitcoin trading at a fresh all-time high of $49,000, taking the market cap to $912.69 billion. At the time of writing this article, Bitcoin was trading at $47,005, an increase of 5% in the last 24 hours and 27.45 in the past week.
Bitcoin’s market cap of $900 billion implies an increase of $354 billion this year alone. The earlier peak in market cap for Bitcoin was recorded on February 8, when it breached at $888 billion.
Currently, Bitcoin’s market cap represents 61% of the total value of crypto market, which also recorded a fresh all-time high as a major portion of top altcoins rallied along with Bitcoin.
The market cap of all cryptos hit a high of $1.463 trillion, rallying 88.5% so far this year after beginning at $776 billion on January 1.
As per CompaniesMarketCap, a webpage ranking the most traded assets across the globe in terms of market cap, Bitcoin is currently the ninth largest asset, above Facebook and Tesla. If Bitcoin is included in a list of countries by GDP (Gross Domestic Product), the numero uno crypto will get a place between Mexico, which has a GDP of $1.04 trillion, and Netherlands, which has a GDP of $886 billion.
The latest high in Bitcoin has come a day after the clearance for the first Bitcoin ETF in North America, in the same week when news of Tesla acquiring $1.50 billion worth Bitcoin came to limelight. Notably, the regulatory environment is slowing turning out to be friendly towards cryptos and other advancements in financial technology.
Earlier in February, the Biden admin appointed crypto friendly people to top positions, creating ripples in the crypto industry. The appointment hints of possible high levels of cooperation between regulatory authorities and firms involved in blockchain related business in the months ahead.