The latest Bitcoin (BTC) rally saw market caps surpass $ 330 billion for the first time in history when prices climbed above $ 17,750 at the end of November 17.

According to CoinGecko, Bitcoin’s previous record $ 329.3 billion was released on December 16, 2017, amid a record $ 20K rise in market prices.

However, a new capitalization record is being achieved despite the fact that the price of BTC itself does not reach new heights.

There is a simple explanation for this – the growing supply of bitcoins. Although there were about 16.75 million bitcoins as of December 16, 2017, more than 1.8 million coins have been mined since then, a 10.75% increase. This means that Bitcoin could have a higher market capitalization despite the fact that the price of Bitcoin is falling today.

The combined capitalization of all cryptocurrencies also generated over $ 500 billion for the first time since February 2018.

Capitalization of pooled cryptoassets since 2017: CoinGecko
According to the World Bank, the market value of Bitcoin exceeds the market value of listed companies combined in countries such as Belgium, Iran, Norway, Sweden and the Philippines, while it is more than double that in Denmark, Qatar, Vietnam, Colombia and Poland.

Compared to S&P 500 companies, Bitcoin has a market capitalization of about $ 13 billion, behind Procter and Gamble at 11th and higher than Nvidia and JP Morgan. However, some argue that comparing Bitcoin to companies is not very profitable and that it should be compared to a commodity or other asset class.

Despite the significant breakthrough, some analysts point to a lack of regular media coverage of Bitcoin’s recent advances.

However, according to data provided by LunarCRUSH, a company that monitors social media sentiment regarding cryptography, the volume of news related to bitcoin has increased significantly since early November.

The company tweeted a graph showing that daily media coverage of Bitcoin has increased fivefold in the past two weeks.

According to Google Trends, search volume for the keyword “Bitcoin” in November was about 15% of its peak in 2017, which also indicates the relatively low interest of retail buyers in BTC compared to the period when the market recently rose to similar highs.

Relative search volume for bitcoin over the past five years: Google Trends
In fact, search volume only reached its fourth high in 2020, and this is due to a surge in interest that coincided with the collapse of Black Thursday in the rally, the bitcoin ban bonus halved in May, and bitcoin topped $ 10,000 in May.

Source: CoinTelegraph

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