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Bitcoin market capitalization surpasses all-time high of 2017

Key facts:

This Wednesday, the market capitalization of bitcoin rose to $ 339,866 million.

The figure represents an increase of 4.86% compared to the previous historical maximum.

Within the notorious bitcoin price boom of recent weeks, attention seems to be focused on how close it is to the all-time high of $ 20,000, reached on December 17, 2017. However, this Wednesday, bitcoin surpassed the previous high. of market capitalization, reaching the value of USD 339,866 million.

On the one hand, the supply of Bitcoin is today 10.7% higher than that of December 17, 2017. That day, according to figures from blockchain.com, the supply of BTC was 16.75 million. For this November 17, the supply is 18.55 million.

The previous historical maximum is 9.55% higher than the current price, but the increase in supply (10.7%) exceeds this difference. This allows the market capitalization of bitcoin to take on a new record value.

Coinmarketcap trading btc

Coinmarketcap trading btc

The new all-time high of bitcoin’s market capitalization is almost 5% higher than that reached in 2017. Source: Coinmarketcap.com

The decline of altcoins

Next to the bitcoin boom, which registers a 4.86% increase compared to the historical maximum of 2017, the total capitalization of the cryptocurrency market had lost almost 40% of its value. By the time bitcoin’s market capitalization reaches its new all-time high, the total capitalization of cryptocurrencies is $ 500,000. Regarding the historical maximum of the market capitalization, of USD 827,000 million, the fall is 39.55%.

In other words, the bitcoin boom on this occasion is shown decoupled from the altcoin market, unlike the market boom in 2017, in which the price evolution of altcoins seemed to follow the evolution of the price of BTC.

The market capitalization of cryptocurrencies excluding bitcoin, shows a much more pronounced decline than that of the market as a whole. From a peak of $ 502,987 million in December 2017, the market capitalization of altcoins falls to $ 166,256 million, a 66.9% depreciation.

The bullish momentum of bitcoin has been progressively accelerating. Since the beginning of the month, it has had an increase of USD 7,000, and has successively exceeded USD 17,000 and USD 18,000 in the last 48 hours.