The Bitcoin total market capitalization has reached an all time high when it hit $40.16 billion this morning. The Bitcoin market cap has never seen these levels before.
The Bitcoin market capitalization is simply taking the total value of all bitcoin in existence into one bucket for an easy viewpoint into the total amount invested in the digital currency.
One week ago the total market cap was $28.17 billion, which means in the past week $12 billion has been invested into Bitcoin, which is a gigantic amount of money pouring into the market in a short period of time. This has driven the price up reaching new all time highs as well.
Bitcoin trading volume across exchanges are also seeing massive amounts of trades (buys and sells).
The reason for the spike is because Japan officially began recognizing Bitcoin as a payment method and have adjusted their taxes favorably to Bitcoin. Since then, Japan trade volume has been steadily rising. Additionally, since there has been such a large increase in a short period of time, it has given Bitcoin a lot of main stream media which is also drawing in new money.
If you’re new to Bitcoin, make sure to read up on our Bitcoin FAQ which answers some common questions. You can keep track of real-time market stats including exchange trading volume and other Bitcoin statistics on CoinSalad.com.