Bitcoin just touched a record market value, exceeding its 2017 top

www.marketwatch.com/story/bitcoin-just-touched-a-record-market-value-exceeding-its-2017-top-11605643255

The world’s most prominent digital currency on Tuesday is back to carving out records just like it was 2017. The No. 1 crypto’s nearly 8% weekly rise and 30% gain so far in November has helped the asset hit a market value of around $328 billion, according to digital-currency data site CoinMarketCap.

That level surpasses the roughly $322.7 billion value that bitcoin hit on Dec. 17 when its price was nearly $20,000 (see chart).

Although bitcoin’s price BTCUSD, 5.03% BTCUSD, 5.03% hasn’t exceeded that 2017 record level, it currently sits about 12% shy of touching a round-number milestone at $20,000. It quietly has been drawing more attention and notching a fresh all-time peak for an asset considered one of the most polarizing of this generation of financial markets.

Bitcoin’s record market capitalization reflects the attention that the blockchain-based asset has garnered over its rivals.

So-called bitcoin dominance, or the share of bitcoin’s value as it contributes to the universe of recognized digital currencies, was at 65.7%, as tracked by CoinMarketCap. Bitcoin’s market-cap dominance is near to its highest level since May of 2020.

 

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