Is the Bitcoin Boom Over? | FxPips.com

Bitcoin (BTC) currently boasts a circulating supply of around 16,903,500 virtual units. The maximum supply is capped at 21 million Bitcoin – but that won’t happen for many years. Based on the current price of around $11,025 per unit (this figure can fluctuate wildly from day-to-day), the market capitalization of Bitcoin is around $186.362 billion. Granted, that’s a far cry from the market capitalization of Bitcoin in December 2017 when it topped out around $20,000 per unit. If we assume the current circulating supply, that translates into around $338 billion at its zenith.

In a cryptocurrency market dominated by an estimated 1,541 digital currencies spread across 9,122 markets, Bitcoin is still a power player. Consider that it now accounts for a whopping 41.8% of the market. This figure was dropping sharply as competing cryptocurrencies like Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Litecoin, Ripple, and even Raiblocks gained the attention of crypto traders. The total market capitalization of all cryptocurrencies is now $446.368 billion – significantly lower than the December high.

This begs the question: Have traders missed out on the Bitcoin boom?

Sourced through Scoop.it from: www.fxpips.com