Bitcoin Regains $1 Trillion Market Cap, BTC Jumps 10%

Bitcoin regained the market capitalization of $1 trillion on Wednesday after the price of BTC spiked nearly 10%. The cryptocurrency is now trading near $55,000, which is its highest level since 12 May 2021.

According to the recent data published by Coinmarketcap, Bitcoin currently has a market cap of more than $1.03 trillion. BTC is now more valuable than the entire market capitalization of Facebook. The latest surge in Bitcoin came after some positive comments from Gary Gensler, Chairman at the US Securities and Exchange Commission (SEC).

In a recent discussion with the House Committee on Financial Services, Gensler said that the US will not follow China’s lead in banning Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. BTC’s retail and institutional interest also jumped significantly in the last few days.

"After a consistently strong performance for the last week, Bitcoin has managed to place itself above the $50,000 mark for the first time in a month. I have to say, looking at the daily chart, the rise looks healthier this time as momentum has built steadily from the $40,000 area without facing rejection before crossing $50,000, as it has done many times before,” Daniela Hathorn, Analyst at DailyFX, commented.

Bitcoin Dominance

The overall market dominance of the world’s largest cryptocurrency has increased sharply in the last few days. Bitcoin now accounts for 45.3% of the total market cap of digital assets, which is its highest level in nearly 8 weeks. However, the market dominance of Ethereum dropped during the same period.

"Bitcoin dominance has been on a major rise the past couple of days, and $54.6k has been breached for the first time since May 12th. Our NVT Token Circulation model is indicating October is the first month we're seeing a bullish divergence since February,” crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term platform, Santiment mentioned.

The total market cap of cryptocurrencies is now trading near $2.3 trillion. The world’s top 5 digital currencies include BTC, ETH, BNB, ADA and USDT.