{"id":114252,"date":"2020-11-18T04:36:12","date_gmt":"2020-11-18T01:36:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-bitcoins-market-cap-just-hit-a-new-record-high-before-the-price-did\/"},"modified":"2020-11-18T04:36:12","modified_gmt":"2020-11-18T01:36:12","slug":"why-bitcoins-market-cap-just-hit-a-new-record-high-before-the-price-did","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-bitcoins-market-cap-just-hit-a-new-record-high-before-the-price-did\/","title":{"rendered":"# Why Bitcoin’s market cap just hit a new record high before the price did"},"content":{"rendered":"

“# Why Bitcoin’s market cap just hit a new record high before the price did <\/strong>”<\/p>\n

The latest leg of Bitcoin\u2019s (BTC) recent rally saw its market cap push above $330 billion for the first time ever as prices rallied above $17,750 late Nov. 17.<\/p>\n

According to CoinGecko, Bitcoin\u2019s previous record capitalization of $329.3 billion was posted on Dec. 16, 2017, amid the market\u2019s all-time high price rally to test $20,000.<\/p>\n

BTC market cap since 2017: CoinGecko<\/a><\/figcaption><\/figure>\n

However, the new record for capitalization comes despite the BTC price itself failing to break into new highs.<\/p>\n

There\u2019s a simple explanation for that for that \u2014 Bitcoin\u2019s expanding supply. While roughly 16.746 million Bitcoin existed on Dec. 16, 2017<\/a>, more than 1.8 million coins have since been mined, equating to a 10.75% expansion in supply. That means Bitcoin is able to have a higher market cap despite today’s lower BTC price.<\/p>\n

The combined capitalization of all cryptocurrencies has also pushed above $500 billion dollars for the first time since February 2018.<\/p>\n

Combined crypto asset capitalization since 2017: CoinGecko<\/a><\/figcaption><\/figure>\n

According to the World Bank<\/a>, Bitcoin\u2019s market capitalization exceeds that of the combined publicly listed companies based in countries including Belgium, Iran, Norway, Sweden, and the Philippines respectively, it’s more than double those in Denmark, Qatar, Vietnam, Colombia, and Poland. <\/p>\n

Compared to companies featured in the S&P 500<\/a>, Bitcoin’s market cap sits roughly $13 billion behind the 11th-ranked Procter and Gamble, and above Nvidia and JP Morgan. However, some would argue that comparing Bitcoin to companies isn’t very illuminating and that it should be likened to commodities, or some other asset class. <\/p>\n

Despite the all-time high milestone, some analysts are noting a lack of mainstream media<\/a> coverage on Bitcoin\u2019s recent gains.<\/p>\n

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Media attention going down. Price to the moon!!<\/p>\n

Chart shown just now on Joe @TheStalwart<\/a>‘s show. pic.twitter.com\/kXHjCtDPZ2<\/a><\/p>\n

\u2014 Mati Greenspan (tweets \u2260 financial advice) (@MatiGreenspan) November 17, 2020<\/a><\/p><\/blockquote>\n