In a context of an exceptional bull market, Bitcoin has just established a new absolute record. The world's leading crypto saw its market capitalization cross the $1,664 billion mark, driven by a price which now exceeds $84,000.
A historic performance that redefines the standards of the crypto market
This Monday, November 11, 2024, Bitcoin wrote a new page in its history by reaching a market capitalization of 1,664 billion dollars, a level never reached since its creation in 2009. This exceptional performance results from a continuous rise in the price which exceeded $84,000, establishing a new all-time record in the process.
This spectacular progression had a ripple effect on the entire crypto market, whose total capitalization reached new heights of $2,710 billion. THE data from Blockchain.com reveal a remarkable fact: all Bitcoin investments made over the last 15 years are now profitable.
The current circulating supply of 19.8 million BTC is gradually approaching the maximum cap of 21 million, which could bring the fully diluted value (FDV) to $1.7 trillion if the price maintains at these levels.
Strong Fundamental Factors Support Bitcoin Trend
This bullish dynamic is based on several fundamental catalysts. The massive influx of institutional investors, combined with a favorable political context, particularly in the United States, creates an environment conducive to growth.
Crossing the threshold of $1,000 billion in capitalization in February 2024, when Bitcoin exceeded $51,000, had already marked an important milestone. Crypto has since demonstrated its resilience, particularly in the face of the halving event.
Renowned sector analysts, such as Tuur Demeester, advise investors to hold their positions, anticipating the continuation of the upward movement. Glassnode's James Check points out that the gap between the current price and the 200-day moving average still suggests significant upside potential.
This new historic step for Bitcoin confirms its dominant position in the crypto ecosystem and reinforces its legitimacy as an asset class among institutional investors.
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