Bitcoin’s Market Cap Crosses $17.5 Billion

The price of bitcoin has been surging at a frenetic pace in a bullish run that began in the last quarter of 2016. The relentless run sees bitcoin’s market capitalization now scaling beyond $17.5 billion.

Exactly a week after bitcoin’s market cap touched $15 billion, rapid gains since through the end of 2016 and the beginning of 2017 that saw bitcoin price reach $1000, has resulted in bitcoin charting through yet another milestone.

According to current figures from CoinMarketCap, a total of 201,085 BTC were traded in a 24-hour period, representing nearly 220 million in USD. As things stand, the total value of all 16 million(+) bitcoins in circulation at $17.56 billion.

If bitcoin were summed up as an M1 (the liquid money supply or narrow money) metric, it would rank at #69 on the global list, only below Cuba at $18.9 billion.

Few expected the current bull run to step up a gear as it has over the past week, gaining 15% in value since December 28. How long can bitcoin’s bullish run last? It remains to be seen. In the meantime, bitcoin value continues to register record-setting numbers.

For a live Bitcoin Price chart, click here.

For the most recent bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here.

Image from Shutterstock. Chart from CoinMarketCap.

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About the author

Samburaj Das
Samburaj Das

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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