Bitcoin Regains $1 Trillion Market Cap, BTC Jumps 10%

Bitcoin Regains $1 Trillion Market Cap, BTC Jumps 10%

Bitcoin regained the market capitalization of $1 trillion on Wednesday after the price of BTC spiked nearly 10%. The cryptocurrency is now trading near $55,000, its highest level since 12 May 2021.

According to the recent data published by Coinmarketcap, Bitcoin currently has a market cap of more than $1.03 trillion. BTC is now more valuable than the entire market capitalization of Facebook. The latest surge in Bitcoin came after some positive comments from Gary Gensler, Chair at the US Securities and Exchange Commission (SEC).

In a recent discussion with the House Committee on Financial Services, Gensler said that the US will not follow China’s lead in banning Bitcoin and other cryptocurrencies. BTC’s retail and institutional interest also jumped significantly in the last few days.

“After a consistently strong performance for the last week, Bitcoin has managed to place itself above the $50,000 mark for the first time in a month. I have to say, looking at the daily chart, the rise looks healthier this time as momentum has built steadily from the $40,000 area without facing rejection before crossing $50,000, as it has done many times before,” Daniela Hathorn, Analyst at DailyFX, commented.

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Bitcoin Dominance

The overall market dominance of the world’s largest cryptocurrency has increased sharply in the last few days. Bitcoin now accounts for 45.3% of the total market cap of digital assets, its highest level in nearly 8 weeks. On the other hand, the market dominance of Ethereum dropped during the same period.

“Bitcoin dominance has been on a major rise the past couple of days, and $54.6k has been breached for the first time since May 12th. Our NVT Token Circulation model is indicating October is the first month we’re seeing a bullish divergence since February,” crypto analytics platform, Santiment mentioned.

The total market cap of cryptocurrencies is now trading near $2.3 trillion. The world’s top 5 digital currencies include BTC, ETH, BNB, ADA, and USDT.