The Rise of Bitcoin’s Market Cap
On November 17, Bitcoin (BTC) achieved a thrilling milestone, pushing its market capitalization above $330 billion for the very first time. This new record comes as the price climbed above $17,750. So, what makes this surge even more interesting? Quite simply, it’s Bitcoin’s ever-expanding supply!
Historical Context: A Look Back
To really appreciate this achievement, let’s flashback to December 16, 2017. That’s when Bitcoin’s market cap hit $329.3 billion amid what many consider a hype-fueled rally towards the $20,000 mark. If you were in a hot tub time machine then, you’d recall that joy—only to be sent splashing back to reality when the bubble burst.
The Supply Game: What Changed?
Fast forward to today, and Bitcoin’s supply has increased significantly. As of late 2020, we’ve seen around 1.8 million more coins mined compared to 2017, totaling a whopping 16.75 million coins back then. That’s a 10.75% rise in supply which helps explain how Bitcoin can achieve a higher market cap, even if it hasn’t reached new price highs.
Bitcoin vs. Corporations: A Comparison
Bitcoin’s market cap also puts it in some elite company. Surpassing the combined capitalizations of publicly-listed companies in countries like Belgium, Norway, and the Philippines is no small feat. For context, it sits just shy of Procter & Gamble, a heavyweight in the S&P 500. But does it really make sense to compare Bitcoin to Fortune 500 companies? Or should we view it more through the lens of commodities? That’s a debate for another day, but one worth pondering!
Mainstream Attention and Media Coverage
Despite all this success, it seems like Bitcoin may need a publicist because the mainstream media coverage hasn’t exactly been booming. Sure, there’s a jump in social media buzz, with Bitcoin-related news soaring five times since early November according to LunarCRUSH. However, Google Trends shows that search interest for “Bitcoin” is only 15% of its 2017 peak, leading us to wonder: where’s the retail hype?
Conclusion: Where Do We Go From Here?
As Bitcoin continues to navigate this wild market landscape, it’s clear it’s entered new territory. It’s achieving record highs in market cap while experiencing mixed signals from mainstream attention and retail interest—kind of like that friend who shows up to the party late just when the fun is starting to die down. Keep your wallets close and your eyes wider; with Bitcoin, there’s always more than meets the eye!
