Bitcoin Surpasses $ 9 Bln Market Capitalization, Its Price and Acceptance Surging
Bitcoin’s market capitalization has broken the $ 9 bln mark, testament to the rising acceptance of the cryptocurrency.
Bitcoin’s market capitalization has swiftly surged past the $ 8 bln dollar mark, and even momentarily broke the the $ 9 bln mark. However, it is still a good while off its historical highest point of 13.8 billion dollars of November 2013.
9 billion dollar market capitalization
On Saturday, June 4th 2016, Bitcoin surpassed the 9 billion dollar market capitalization mark for the first time since February 2014.
Although this was only a temporary change, it is testament to the rising acceptance of the cryptocurrency and its associated rising price.
However, as Reddit user, /u/chuckymcgee, pointed out in a Reddit thread discussing the 9 billion dollar market capitalization, “the true market cap is actually smaller than $9 billion because of millions of lost coins. Bitcoin's a baby and has much more room to grow than even a relatively small "$9 billion" cap would suggest.”
Currently, Bitcoin’s market capitalization sits at $8,877,114,177.
Market capitalization milestones
At its highest point, Bitcoin’s market capitalization stood at around 13.8 billion dollars, in November 2013.
However, following the closure of the biggest Bitcoin exchange at the time, Mt Gox, the price plummeted to an all-time low of 2.8 billion dollars, a milestone from which it is still recovering. The year of 2015 was not kind to the cryptocurrency as the price stalled and even decreased, but 2016 is proving to be quite the savior, with the current surge only serving to cement this viewpoint.