Early this morning the Bitcoin market capitalization passed the $30 billion marker, reaching an all time high for the first time in it’s history.
Two days ago the Bitcoin market cap came very close to hitting $30 billion, but didn’t quite reach it. Today marks the first time the digital currency has reached $30 billion.
The Bitcoin market cap is the total value of all bitcoin in existence. The market cap is just one indicator of many on the health of the Bitcoin network. At this time it shows a new wealth of capital being poured into it.
If you zoom in on the market cap chart, you can see on May 6th the total capitalization was sitting just above $25 billion. In the past five days over $5 billion has been invested into Bitcoin, which has caused the price to skyrocket, which at this time the price is nearing an all time high of $1900.
The price and market cap go hand and hand and speculation on why the sudden increase ranges from new institutional investors to the Japanese market showing a new demand and interest, which is helping to fuel the rise.