This is Bitcoin price at a record market value

Bitcoin (BTC) is subject to transparent inflation, which is reduced every four years with the BTC halving. Since the circulating supply since the previous All-time high From $69,000 set about two years ago, a record market cap now means a lower Bitcoin price. Market capitalization or total market value is calculated by multiplying the Bitcoin price by the circulating supply.

🔔 Today: All Dutch crypto holders get €60 free gold

Bitcoin price at record-breaking market capitalization

Bitcoin’s all-time high dates back to November 10, 2021. On that day, the price reached a record high of $69,000. According to TradingView, the market capitalization at the time was $1.302 trillion. A reverse calculation suggests that there were approximately 18,870 million BTC in circulation at the time.

New Bitcoins are put into circulation approximately every 10 minutes. Miners attempt to solve specific mathematical puzzles by using large amounts of computing power to validate blocks of transactions. The first miner to achieve this can add a new transaction block to the blockchain and receive the block subsidy and the transaction costs paid. The block grant includes newly released Bitcoins.

Currently the circulating supply is 19.557 million BTC. Since the all-time high, the total has increased by around 687,000. Taking this inflation into account, a market cap of 1.302 trillion would result in a Bitcoin price of $66,574.

Bitcoin price, which has a record market cap, has fallen by $2,215 or 3.2 percent since November 2021 thanks to increased supply.

From a current price of $38,270, Bitcoin still needs to rise by 73.9 percent to reach its record market capitalization. To reach its record price of $69,000, Bitcoin needs to rise by 80.3 percent.

Read Also:  Axie Infinity Hacked, Founder Loses Nearly $10 Million in Ethereum

Bitcoin Halving Reduces Inflation

Every four years, Bitcoin inflation is reduced by the BTC halving. Currently, miners earn 6.25 BTC through their work, but from April next year this will increase to 3,125 BTC. It reduces the supply of new Bitcoins and contributes to the concept of scarcity. In the past, halvings have always resulted in a new bull market breaking previous all-time highs.

Post views: 0

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here