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1 week ago
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Iris Coleman Dec 12, 2024 05:47
Bitcoin's price surpasses $100,000, marking a significant milestone in its evolution, driven by robust network growth, institutional adoption, and increased market capitalization.
Bitcoin has reached a pivotal milestone, crossing the $100,000 mark per BTC for the first time on December 5, 2024, according to Glassnode. This achievement solidifies Bitcoin's status as a major player in the financial world and highlights its resilience and growing adoption over the years.
Market Expansion
Since its inception, Bitcoin has been actively traded for 5,256 days, evolving from a mere concept to a digital asset with a market capitalization briefly exceeding $2 trillion. This journey has seen Bitcoin navigate through 72 positive monthly candles and 71 negative ones, reflecting the volatile yet rewarding nature of the cryptocurrency market.
As of this milestone, 19.8 million BTC have been mined, accounting for 94.2% of the total supply cap of 21 million. This growth has allowed Bitcoin to surpass the market cap of silver, further establishing its place as a valuable asset.
Supply Distribution
The distribution of Bitcoin ownership is widespread, with various wallet sizes holding different amounts of BTC. Notably, large-sized wallets, typically associated with exchanges and institutional entities, hold significant portions of the total supply, indicating the increasing institutionalization of Bitcoin custody.
As of December 5, notable balances include 1.8 million BTC held on exchanges and 1.1 million BTC managed by US-based ETFs. This distribution underscores the balance between individual and institutional ownership, contributing to market liquidity and stability.
Network Evolution
Bitcoin's network has undergone substantial evolution since the Genesis Block, with over 873,000 blocks mined and a total of 1.12 billion transactions processed. The network's difficulty and hashrate have increased dramatically, ensuring robust security and efficiency.
Miners have earned a cumulative $71.49 billion, with block rewards and transaction fees contributing to this figure. The network's capacity to process $131.25 trillion in transfer volume highlights its role as a global financial infrastructure.
Conclusion
The achievement of Bitcoin reaching $100,000 is not just a price milestone but a testament to its transformation from a niche digital currency to a significant component of the global financial system. With a market cap of $2 trillion and a distributed holder base, Bitcoin is well-positioned for future growth and adoption.
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