The bull in the cryptocurrency market continued in the last 24 hours after the Democrats assume leadership of the United States Senate. This development saw Bitcoin rose over $37,000 as the cryptocurrency capital base hit one trillion the United States Dollars.
It was discovered that currently, the crypto asset’s market valuation is around $689 billion at the time of publication, as it has seen $26 billion in trade volume worldwide.
Besides, the entire crypto-economy surpassed the $1 trillion mark on Wednesday evening (EST) as well.
- Bitcoin (BTC) has jumped over the $37k handle on Wednesday surpassing the cryptocurrency’s previous all-time high (ATH). At approximately 7:04 p.m. (EST), BTC touched an ATH of around $37,400 per unit.
- Bitcoin is up 8.5% during the last 24 hours, 27% during the last seven days, 91% for the month, and 235% for the 90-day span. BTC is also up more than 350% against the U.S. dollar for the last 12 months.
- Despite BTC’s price is so high, the Bitcoin dominance index is a tad lower. The metric shows bitcoin’s market dominance compared to all the other crypto assets in existence is around 68.5%, after riding high above 70% for a while.
- The Bitcoin network hash rate has also skyrocketed during the last 24 hours as miners are dedicating 162 exahash per second (EH/s) to the BTC network. There are approximately 19 mining pools with hashrate pointed at the blockchain and F2pool leads the pack.
- The pools that follow F2pool include operations such as Huobi Pro, Binance Pool, Antpool, and Btc.com.
- The executive at the Bitcoin Depot, Brandon Mintz, told news.Bitcoin.com that BTC’s scarcity is driving demand. “The scarcity of BTC compared to the printability of dollars is likely to attract savvy individuals looking to diversify their assets in the event of a lapse in the traditional financial system,” Mintz said. “As the adoption rate of BTC increases and the supply remains constant, the value of BTC will only continue to rise.”
- Meanwhile, as BTC crossed a new ATH, digital assets like ETH, ADA, BCH, LINK, and XLM have all seen percentage gains between 8% to 70%. Ethereum’s market cap, which is hovering around $138 billion, is partly the reason BTC’s dominance has dropped a few percentages.
- Currently, the entire market cap of all 7,500+ crypto assets is approximately $1,000,395,709,742 according to exchange data.