The Bitcoin Bull Run Continues: Market Cap Surpasses $1 Trillion
The price of Bitcoin (BTC) has surged past $51,000, marking another milestone in the ongoing bull run. Notably, the total market cap of BTC has also exceeded one trillion dollars, a level last seen in November 2021.
The All-Time High and Current Price
In November 2021, Bitcoin reached its all-time high price of $69,000 and a market cap peak of $1.220 trillion. Currently, the price of BTC stands at $51,800, which is the same level it reached in late November 2021.
Bitcoin’s Impact on the Crypto Market
As the leader of the crypto market, Bitcoin’s market cap milestone has contributed to an increase in the total market cap of cryptocurrencies, surpassing two trillion dollars for the first time since April 2022.
In the last 24 hours alone, both market cap and BTC price have experienced a 3.6% increase, while the trading volume of Bitcoin has risen by 6.40%.
Optimistic Market Sentiment
Market sentiment surrounding Bitcoin remains optimistic as indicated by the Fear and Greed Index score of 74. This index measures overall market sentiment and has consistently reflected enthusiasm since January.
This optimism is fueled by speculation that a new major bull run for Bitcoin has begun. Users on Deribit, a specialized crypto derivatives exchange, have placed bets on BTC reaching prices of $65,000, $70,000, or even $75,000.
The Biden Tweet with Bitcoiner Laser Eyes
A recent tweet from Joe Biden’s official account featured an image depicting the President with laser eyes, a characteristic of Bitcoin enthusiasts. However, it is important to note that Biden’s tweet does not signify his support for Bitcoin.
The image was used for political reasons by the social media team behind the President to reference the “Dark Brandon” meme, which Democratic activists are promoting.