Bitcoin, the trailblazing cryptocurrency, reached a notable milestone as its market capitalization exceeded $1 trillion. This achievement signifies a historic moment in the progression of digital currencies, showcasing Bitcoin's expanding impact and acceptance within the global financial realm.
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Bitcoin's market value has exceeded $1 trillion following its price surge past $51,000. At present, the value of Bitcoin (BTC) is $51,199.42, representing a 2.7% increase from yesterday and a 0.7% decrease from an hour ago.
BTC's current value is 19.6% higher than it was seven days ago. The total traded volume of Bitcoin in the last twenty-four hours amounted to $42,980,921,177.
The global cryptocurrency market cap stands at $2.02 trillion, showing a 2.36% change in the last twenty-four hours and an 87.09% change over the past year. BTC's market cap is currently $1.02 trillion, indicating a dominance of 50.05%. Meanwhile, stablecoins hold a market cap of $139 billion, accounting for 6.83% of the total cryptocurrency market cap.
The positive impact of heightened investor optimism, fueled by a prolonged bull market and the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, among other factors, reverberates across the ecosystem.
Previously, Bitcoin achieved the $1 trillion market cap milestone in November 2021, following a bull run that drove BTC to briefly touch an all-time high of $69,000. Concurrently, this bullish sentiment permeated the crypto ecosystem, resulting in a collective market capitalization of $3 trillion in cryptocurrencies.
The uptick in Bitcoin investments, both at individual and institutional levels, contributed to its sustained price surge. Bitcoin demonstrated resilience in the face of a surprisingly robust US inflation report, which disrupted global markets and tempered expectations for swift interest rate cuts.
In contrast, the S&P 500 Index experienced a 1.4% decline, marking its poorest performance on a Consumer Price Index (CPI) day since September 2022, while gold prices retreated and bond yields climbed as traders adjusted their expectations regarding a Federal Reserve rate cut before July.
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