Market Capitalization = (Priceof BTC) x (Totalbitcoins in circulation) Similar to the way the Market Capitalization of a company reflects the perceived worth of its business, the Market Capitalization of Bitcoin Core (BTC) reflects the perceived worth of Bitcoin Core (BTC) as a value network. It's also an important metric for liquidity and utility of the network (for example, it would be difficult to perform billion dollar transactions at a Market Capitalization . Even after Bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization that fluctuated between $$ billion in , owing in large part to the ubiquitousness of platforms that provide use-cases for BTC: wallets, exchanges, payment services, online games and . 51 rows · View crypto prices and charts, including Bitcoin, Ethereum, XRP, and more. Earn free .
Btc market capBitcoin Dominance Index Chart — TradingView
One of these individuals is Garrick Hileman, the head of research at Blockchain. He says that bitcoin has gained roughly 12 percent in the last 48 hours alone, and that the currency is on the verge of making its way to the top of the financial ladder and proving itself as the ultimate asset.
Not bad considering gold has been around for hundreds of years while bitcoin has been around for only Furthermore, Blockchain. Thus, about 17 million wallets have been established since last December.
Hileman is so confident in the prospects of bitcoin that he thinks fiat currencies — including the U. He mentions:. At this point, the Fed is still taking its time because the Fed is happy with the way the world is. He further states that as many as million individuals across the globe own cryptocurrency today, and that much of the recent rally is being driven largely by institutional players, which are now holding more of a place in the crypto arena.
On-chain demand and other metrics suggest that the rally was driven more by institutional hedge funds, family offices, and money managers. Hileman expects to see continued buy-in from retail and Wall Street investors going forward, rather than corporates.
That's because it is harder for bigger players to participate than professional investors who already have accounts and easy access to major exchanges, he explained. As for the US dollar, the researcher expects the world's most popular reserve currency to be digitized sometime in the next five years. The status quo is working well for the dollar because it is dominant through the SWIFT mechanism and the corresponding banking system, he said.
The US government can also raise debt at attractive interest rates, supporting the dollar's status. But a competitive challenge lies in the crypto space and in the rise of stablecoins. Shalini Nagarajan. Although the bitcoin rally was largely driven by institutional investors, he expects to see continued buy-in more from retail and Wall Street investors going forward.
The researcher expects the US to digitize the dollar, but not too soon as he said "the Fed is happy with the way the world is. Visit Business Insider's homepage for more stories.