Bitcoin (BTC), which occupy the leading position on the cryptocurrency market, is still showing its strength and with the current price of 57,448$. 39. As for the last 24h, Bitcoin has gained 1% in terms of the asset’s value. 23% it retains with proving steadiness in the extremely dynamic digital currency environment.
Today’s market capitalization of Bitcoin is a worthy $1. 13 trillion, in the past year alone it has increased by 1. 21 percent in the last day. This high market value, therefore, puts Bitcoin at the top, a position that has never been challenged since the inception of cryptographic currencies. The large market capitalization of Bitcoin is a clear evidence of popularity, investors’ trust and Bitcoins’ position as an digital assets in the modern economy.
In a trading point of view, there is a great increase in the trading volume of Bitcoin as it has reached $26. Currently, 45 billion worth of BTC changed hands in the last one day. This is in fact a good enhancement of 73 to the previous value of seventy-two point two. Specifically, the volume of Ether totaled to a 38% rise to place Bitcoin second in daily trading.
The fact that trading volume has increased massively points towards a more active market and Ackman, the main actor here, might have influenced his fellow institutional traders or the retail market participants in the process. Such an increase in volume can be considered as having a positive correlation, which shows that the interest in Bitcoin and the corresponding sentiment is growing along with volatility resulting from the work of active trading bots.
As for the VM-to-FCF/Cap ratio, the score of Bitcoin is 2. 32% which is not very high compared with other small-cap cryptocurrencies such as DOGS. While it appears that there are a lot of trades going on in the market, it actually makes up a relatively small portion of Bitcoin’s incredibly large market cap. This is something more traditional, mature assets such as Bitcoin got, where large market caps are not as volatile as they are influenced by short turnover.
As on now the circulating supply of Bitcoin is at 19. 75 million BTC, which is equal to 94 percent of the overall computing power of the network. That is equivalent to 0. 00064 of its total supply. Having a maximum supply of 21 million BTCs, Bitcoin is at the last stages through the process of issuing.
This is seen as a benefit also and is probably the reason that Bitcoin has been referred to as “digital gold” and a medium of store of value against inflation. Since the circulating supply is close to be reaching the max cap, the scarcity that is associated with Bitcoin should be an even bigger factor in the future or current valuations and even more so with prices continuing to be driven by demand while supply reaches further maxima.
The fully diluted market cap of Bitcoin equals to approximately 1 dollars per one bitcoin. 21 trillion gives ideas about what kind of value Bitcoin will hold when each and every one of the 21 million is in existence. This is achieved through the fact that the current market has little difference to the fully diluted market cap meaning that the current price of Bitcoin directly portrays the future of the commodity making the market to have priced in most of Bitcoin potential gains.
Conclusively, the current performance of Bitcoin is evident that is still strong and as a dominator of the cryptocurrency market. Currently, it enjoys a large market capitalization and high trading volume; it is constantly growing in price and remains one of the primary investment assets in the crypto industry.
Due to its limitation of the issuance of Coins, closer to the ultimate limit of twenty-one million units in circulation, the element of ‘scarcity’ could play a major role in further appreciation of the price of Bitcoin. For those who are interested in investing in an already recognized and functional cryptocurrency, the bitcoin can be considered as one of the most reasonable choices to make with a potential of future returns.
