The price of Bitcoin fell below its all-time high and jumped above the $37,000 area again to $37,400 per coin. At the time of publication, the market value of the crypto asset was approximately US$689 billion, as its global trade volume had reached US$26 billion. In addition, the entire crypto economy also broke the $1 trillion mark on Wednesday night (EST).
Bitcoin (BTC) broke through $37,000 on Wednesday, surpassing the previous all-time high (ATH) of cryptocurrencies. At around 7:04 pm Eastern Time, BTC’s ATH reached approximately $37,400 per unit.
Bitcoin has risen 8.5% in the past 24 hours, 27% in the past 7 days, 91% this month, and 235% in 90 days. In the past 12 months, the exchange rate of BTC against the US dollar has also risen by more than 350%.
Although the price of BTC is so high, the index of Bitcoin’s dominance is a bit lower. This indicator shows that, compared with all other existing crypto assets in Bitcoin, Bitcoin’s market dominance is about 68.5%, having previously exceeded 70%.
The hash rate of the Bitcoin network has also skyrocketed in the past 24 hours as miners dedicated 162 exahash per second (EH/s) to the BTC network. There are about 19 mining pools, the hash rate points to the blockchain, and F2pool leads.
The pools after F2pool include operations such as Huobi Pro, Binance Pool, Antpool and Btc.com.
Brandon Mintz, an executive at the Bitcoin warehouse, told news.Bitcoin.com that Bitcoin’s scarcity is driving demand. Mintz said: “Compared with the printability of the U.S. dollar, the scarcity of BTC may attract savvy individuals who want to diversify their assets when the traditional financial system fails.” “As the adoption rate of BTC increases and the supply is Keep it constant, and the value of BTC will only continue to rise.”
At the same time, as BTC crosses the new ATH, ETH, ADA, BCH, LINK and XLM and other digital assets, the percentage growth is between 8% and 70%. The market value of Ethereum is hovering around $138 billion, partly because BTC’s dominance has fallen by a few percentage points.
According to exchange data, at present, the overall market value of all more than 7,500 crypto assets is approximately $1,000,395,709,742.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Wisdom, Markets.Bitcoin.com
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