Bitcoin Secures a $1 Trillion Market Cap for First Time Ever

The price of Bitcoin (BTC) has reached a new all-time high of $53,670, pushing the coin’s total market capitalization above $1 trillion, according to crypto metrics platform CoinGecko. Market capitalization is the total number of coins currently in circulation multiplied by their current market price – basically, the combined worth of all existing BTC. From a report:

By various estimations, the value of all money in the world is around $95 trillion – and now Bitcoin represents about 1% of that. While it’s not totally fair to compare Bitcoin to money (it can be seen as an asset instead), it provides one way to put it in perspective. Speaking to Decrypt, Quantum Economics analyst Jason Deane noted that for people who were involved in the crypto space from its early days, the $1 trillion BTC market capitalization may have been a long time coming but it was inevitable.