What is the market cap of Bitcoin is currently at USD 61,494.00 with a 24-hour trading volume of $430.62M. Our BTC price is updated live in the table above. Bitcoin is down 0.26% since the last hour and up 1.06% since yesterday. The live market cap is USD 12.91B, calculated by multiplying coins by price. The circulating supply of BTC is 19.72M, and the maximum is 21.00 M.
What is the market cap of Bitcoin?
Satoshi Nakamoto designed Bitcoin in 2009. The crypto sector was born from Bitcoin’s goal of an electronic peer-to-peer payment system that lets anyone send money to anyone on the globe without authorization. Nakamoto argued that our financial system was too dependent on a few permissions, huge banks that lend client deposits, and often went bankrupt during bank runs or credit retractions. It appears that Satoshi likewise thought ‘fiat’ currencies were credit-based and faulty. Satoshi Nakamoto’s identity is unknown, but he/she/they instilled “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” in the genesis block.
Bitcoin is a client that anyone can download and run. The blockchain—a vast list of accounts with balances and transaction histories—is shared by every Bitcoin client node. Every 10 minutes, Bitcoin distributes a block of transactions to its network of nodes. Bitcoin’s main innovation was overcoming the ‘double-spend’ problem decentralizedly. Because they discreetly verify every transaction, banks ensure no one can spend a dollar twice. Bitcoin nodes must store all transactions in memory before submitting them to the chain. After the targeted block interval (10 minutes), random nodes add blocks of transactions to the chain and share them with the network. All nodes agree on the right list of transactions and remove conflicting ones, guaranteeing no BTC is spent twice.
The oldest blockchain, Bitcoin, is the largest digital asset by market cap. It birthed censorship-resistant, peer-to-peer, permissionless digital currencies with programmatic monetary regulation.
Bitcoin Concept
The digital asset known as Bitcoin (BTC) enables users to conduct transactions directly with one another, bypassing middlemen such as banks. Bitcoin is a digital currency that can’t be altered or censored, is available anywhere in the world, and is protected by energy. Launched in 2009, it was the pioneering digital money that achieved widespread success.
An anonymous individual or group using the moniker Satoshi Nakamoto created Bitcoin. Even after Bitcoin went live, Satoshi continued to play a key role in the project’s leadership and development. But he informed his coworkers in development via email that he had “moved on to other projects” in his last message dated April 26, 2011. According to GitHub, there are currently around 800 individuals working on Bitcoin development.
The original digital scarcity was created by Satoshi when he established Bitcoin with a total supply cap of 21 million units. There were 19,168,118 bitcoins in circulation as of October 4, 2022, which is 91% of the total supply. There are 8 digits (100 millionths) that Bitcoin can be divided by. A “satoshi” is the smallest unit. The ticker symbol for Bitcoin, which is BTC, is utilized by numerous trading platforms.
Bitcoin Price History
Bitcoin’s price dips and rises, corresponding to its halvings. Every halving halves Bitcoin’s supply, making it scarcer. About every 4 years, halvings occur. Each block started with 50 BTC. After three havings, Bitcoin’s supply issuance averages 6.25 BTC per 10 minutes. The next halving will reduce blocks to 3.125 BTC in 2024. Miners should mine the last BTC around 2140.
BTC was unpriced at debut. It was worthless. Satoshi mined the first block, releasing 50 BTC at $0. Bitcoin peaked at $68,789.63 on November 10, 2021, 12 years later. This was a major milestone for Bitcoin and crypto. However, the coin has fluctuated over the years before attaining its historical price. Bitcoin reached $1 for the first time in February 2011. It rose to $10 and $30 in future months. BTC dropped below $5 in 2011.
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Bitcoin rose 6,600% in 2013. Chinese investors circumvented capital regulations to cause its first large pump. After nearly reaching $250 in April, it touched $1,000 for the first time in the fourth quarter of 2013. More than three years passed before Bitcoin reached $1,000 again.
Bitcoin has always recovered well. In December 2017, the cryptocurrency reached over $20,000. After a crypto winter in 2018 and 2019, prices rose dramatically in 2020. A year later, bitcoin reached its peak. Bitcoin declined again in 2022 to $20,000–$18,000.
How does Bitcoin work?
Blockchain records all BTC transactions. Full nodes maintain an immutable public distributed ledger. Bitcoin refers to both the blockchain network and its cryptocurrency. More specifically, Bitcoin with a capital B refers to the network, while Bitcoin with a minor b describes the asset.
Mining creates bitcoin. CPUs and GPUs were initially used by miners. As Bitcoin miners proliferated, discovering new blocks became harder, requiring ASICs to mine profitably.
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Proof of work requires processing power. Miners, another sort of Bitcoin node, use unique hardware to validate and upload blocks of transactions to the blockchain. The market cap of Bitcoin Mining software “listens” for network transactions and competes to generate hashes, which are easy but energy-intensive, to prove work. Application-specific integrated circuits (ASICs) are needed for mining.
One miner validates and adds the next block of transactions to the blockchain before everyone else. Finding a block takes 10 minutes on average. Bitcoin mining is competitive, making it hard to add blocks of transactions. The block reward motivates miners to create new Bitcoins. In a decentralized network with no trusted third party, mining ensures that transactions are validated only when enough computational power is contributed to each approved block. As the chain accepts more blocks, confidence grows. In practice, Bitcoin transactions are irreversible.
Who Owns The Most Bitcoin?
According to estimates, Satoshi currently has more than $19 billion worth of Bitcoin spread over many wallets. Thus, Satoshi becomes the largest Bitcoin holder. With 130,000 BTC as of September 20, 2022, MicroStrategy has more bitcoin than any other corporation. More than $1,000,000 worth of bitcoin is also held by more than 30,000 different addresses.
Is Bitcoin coin a good investment?
The halving schedule is a built-in mechanism that makes Bitcoin, a crypto that is already provably scarce, even scarcer. Mining prevents tampering and interference with the protocol by using its proof of work mechanism, which also makes it resistant to corruption and alteration. Because of the laws of supply and demand, an asset that can never become more plentiful will probably do well in the long run.
Can Bitcoin reach $1,000,000?
The prices that many experts and analysts are predicting for Bitcoin are all over the map. For 2024 and 2025, the stock-to-flow model projects that Bitcoin will reach $100,000 and $1,000,000, respectively, making it one of the most popular predictions. Market cap of Bitcoin It appears that the second number is still rather off. Investors may find this forecast appealing, but they should be wary about putting their money into Bitcoin because of its volatility, the unreliability of price projections, and the need to never risk more than they can afford to lose. In 2023, most people expect the price of bitcoin will be about $31,000.
Popular Criticisms
To compete for the opportunity to discover a block, miners utilize energy-intensive equipment. Many, including Elon Musk, have voiced their disapproval of Bitcoin due to its high power consumption. Bitcoin used over 102.11 TWh annually as of the end of October 2022. The amount that Pakistan’s power expenditure amounts to is this. Though it may seem like a lot, Bitcoin’s energy consumption is quite small compared to other things. Affordable renewable energy sources are also seeing increased usage in the Bitcoin mining sector, which is very competitive and driven by miners’ search for the lowest energy. Market cap of Bitcoin The mining industry is well on its way to becoming carbon-negative, which would be a tremendous boon to the environment.
Comparisons to other Projects
The second-largest digital asset by market cap, Ethereum, is frequently compared to Bitcoin. The latter is now less reliant on processing power thanks to a recent transformation from proof-of-work (PoW) to proof-of-stake (PoS). Litecoin, a Bitcoin offshoot, features far lower fees and a much shorter block confirmation time (2.5 minutes). It is often compared to Bitcoin for these reasons. Bitcoin is still at the head of the pack and is seen as the pioneer of cryptocurrencies. The long-term value of the trade-offs (moving to proof-of-stake or reducing transaction fees) is still up for debate. The security of these alternate blockchains will be compromised, after all. The strong correlation between the prices of Bitcoin and other cryptocurrencies is due to this same reason.
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