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This morning, Bitcoin price made another push higher, this time breaking above $51,000 per coin.
Considering the number of coins in circulation, today’s price action has also achieved another major milestone: the BTC market cap is once again valued at $1 trillion.
Bitcoin Market Cap Hits $1 Trillion
Bitcoin price is trading at levels not seen since December 2021, currently around roughly $51,600 per coin. Since then, new coins have been issued daily, adding to what’s already in circulation.
To find the market cap of any cryptocurrency, the formula involves multiplying each coin in circulation by the current price. With the BTC supply at 19,627,587 coins, the current price per coin brings the total Bitcoin market cap to over $1 trillion.
What A Trillion Dollar Market Cap Means
To put this milestone into perspective, let’s compare a list of trillion dollar assets. Only 7 companies in the world are above this trillion dollar threshold.
Meta Platforms, the company behind Facebook and Instagram is valued at $1.1 trillion. At $1.7 trillion is Amazon and Nvidia. Nvidia’s chips are integral to the proliferation of AI, while Amazon dominates online retail shopping.
Next is the undisputed champion of search and data, Google, at $1.8 trillion. Moving higher up the list is Saudi Aramco, the national oil company of Saudi Arabia, valued at $2 trillion.
Topping the list are tech titans Apple and Microsoft. Apple boasts a $2.8 trillion valuation, while Microsoft’s involvement with AI has pushed it to become the most valued company globally at $3 trillion.
Bitcoin today as a network is valued nearly as much as social networks like Facebook and Instagram. It’s half the value of one of the most profitable companies annually of all time, and worth a third of behemoths like Apple and Microsoft.
The first ever cryptocurrency is also gaining on Silver, which in whole is valued at around $1.2 trillion. Gold remains the most valuable asset in the world with a total estimated market cap of $13.4 trillion.
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