According to blockchain.info, the market capitalization shows the total USD value of Bitcoin supply in circulation as calculated by the daily average market price across major exchanges.
Bitcoin marked its anniversary on Tuesday January 3 when the day ended with a cap of $16.8 billion. By Wednesday, the market cap has risen to $17.6 billion even with the day still left with several hours to end.
However, with threats to government-backed fiats such as in China, Venezuela, Zimbabwe and India now on the increase, the trend which has been linked to the widening market base shows that the Bitcoin market is on a recovery path.
Put into perspective, Bitcoin has gained close to 18% in the first four days of 2017 as the digital currency maintains its upward swing which picked up since December 20 after months of a moreorless parallel movement in its day-to-day transactions.
Later the same day, by 6:30 GMT+1 (or 01:30 CST January 5), it jumped to $18.2 billion just as the global average price of Bitcoin reached $1,132 (as at the time of this writing).
Daily transactions in Bitcoin experienced a significant descent in August when it dropped from over $300 million to two-digits as low as $53 million – that was after the Bitfinex hack in which $65 million was stolen from the Bitcoin exchange. The theft set the market back as several investors were discouraged by the hack.
In the wake of its eighth-year anniversary, Bitcoin’s global market capitalization has crossed the $18 billion range having grown at a 24-hour rate of over 6% which saw it add over $1 billion in a day, according CoinMarketCap.
Following how the market cap moves is important because it gives insight into the currency’s current state and its potential to attract new or sustain existing investments.
Bitcoin briefly plunges below $2,100 as upward momentum fades
Bitcoin briefly dropped more than $700 from a record high in less than two days, after a week of intense speculation by traders and investors. The digital currency plunged nearly 12 percent
ET Deals Memorial Day Roundup: Save on Dell Core i7 Laptops, 1080p Foscam Wireless Cameras, and More
Just in time for Memorial Day weekend, we’ve gathered up some of the very best discounts online. Whether you’re looking for a new PC, a 4K television, or even a wireless camera, there’s somethin
Is the Crypto Asset Class Finally Coming Into its Own?
It's no secret that bitcoin, ether and other cryptocurrencies have been on a tear.
But, is this sharp uptick in value a sign that these innovative technologies are building greater legitimacy, or i
Three reasons why this bitcoin surge is not the same
Bitcoin's exponential surge is different this time around, most digital currency investors and software developers say. To many, the enthusiasm resembles the rush into technology stocks before
How to Pull Bitcoin out of Darknet Stigma: Blockchain Startup Expertise
With most new technologies, it's rare that mainstream investors dive in and take risks with the unfamiliar and untested. Organized crime, on the other hand, will invest in cutting-edge technologies
Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies
At the Token Summit held on May 25, 2017, at the NYU Stern School of Business in New York City, Coinbase CEO Brian Armstrong noted the possibility of digital currencies and cryptocurrencies such as
Bitcoin Price Officially Doubles That of Gold, Experiences Minor Correction
Until May 26, Bitcoin price remained at around $2,550, demonstrating a value that is double that of gold. Gold is being traded at $1,267 in most major markets. For two straight days, from May 24
Ethereum Classic Becomes Fifth Largest Cryptocurrency, Briefly Beats NEM, Litecoin
Ethereum Classic has become the fifth largest cryptocurrency in the world after surpassing the market cap of Litecoin. Briefly, Ethereum Classic also overtook NEM, the fourth largest cryptocurrency