It’s been 9 years since the bitcoin market cap reached $1 billion
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Answer It’s been 9 years since the bitcoin market cap reached $1 billion
It happened like yesterday, March 28, 2013, that the total market capitalization of Bitcoin reached the level of 1 billion dollars.
In 2013 Bitcoin was trading at just $92 at the time.
At that time, the bitcoin price hike was linked to the banking crisis in Cyprus.
Notably, the event was covered only by Ethereum co-founder Vitalik Buterin.
Before entering the launch of the second largest cryptocurrency in the world, he was writing articles for Bitcoin Magazine, one of the first websites related to cryptocurrency.
Mt Gox, which went out of business due to hacking in February 2014, was still the dominant cryptocurrency trading platform at the time.
Read:Robin Hood acquires British cryptocurrency platform Ziglu
Also in 2013, bitcoin was not as mainstream as it is today as during its early years, its reputation was tainted by drug dealing and other shady activities.
8 years later: Bitcoin from $1 billion to $1 trillion
Bitcoin crossed the $1 trillion mark for the first time in February 2021.
This came shortly after Tesla, the world’s largest maker of electronic cars, announced an investment of $1.5 billion in the leading cryptocurrency.
Despite various expectations about the start of the buying process and companies adopting bitcoin, other S&P 500 companies have not followed suit.
Currently, the total market capitalization of Bitcoin is $901.5 billion, according to CoinMarketCap data.
The top cryptocurrency is up about 15% over the past week and is currently trading at $47,450 on major trading platforms.
If Bitcoin were a company, it would be the seventh largest in the world (behind Tesla, Amazon, Alphabet, Aramco, Microsoft and Apple).
Despite its impressive achievements, Bitcoin still has a lot to catch up and match the market value of gold, which is worth around $12.2 trillion.
Also, for comparison, the total market capitalization of the S&P 500 Index is more than $40 trillion.
Read:Join the “MetaFi” contest sponsored by CoinEx offering $100,000 prizes
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