Bitcoin Market Capitalization Returns to $1.859 Trillion, Attributing Growth to Institutional Investors

The market capitalization of Bitcoin has returned to $1.859 Trillion, which can be considered among the highs of the year. This growth can be largely attributed to the market dominance of Bitcoin which has strengthened due to the influx of institutional investors, an increase in the usage of cryptocurrencies, and favorable macroeconomic factors.

The market capitalization of Bitcoin has returned to $1.859 Trillion, which can be considered among the highs of the year. This growth can be largely attributed to the market dominance of Bitcoin which has strengthened due to the influx of institutional investors, an increase in the usage of cryptocurrencies, and favorable macroeconomic factors.

The one-year chart shows that the price was steadily rising and has had periods of consolidation followed by strong movements. Bitcoin is currently valued at $1,859 Trillion, and there is still huge demand from both small investors and large companies. Although a slight decline has occurred in the last two weeks, the general sentiment toward the BTC market remains bullish.

The first quarter of 2024 proved to remain generally stable on the Bitcoin market, with a cap of approximately $1 Trillion. It was followed by an early phase paving the way for the even more upturn witnessed in April, where BTC’s market capitalization surged to over $1.5 Trillion.

It was primarily driven by new Bitcoin ETFs listing and rising institutional demand that led to new higher levels of BTC. In the middle of the year, it followed a consolidation pattern with fluctuations observed in July, August, and September. This provided the market with time to ratify the previous gains before continuing with its bullish run.

In October, the market capitalization exceeded $1.8 Trillion, and investors, as well as analysts, have turned optimistic as the year comes to an end.

One of the main reasons for Bitcoin’s continuous market growth is the growing interest of institutional investors. Some organizations, including MicroStrategy, Marathon Digital, and others, are increasingly purchasing large quantities.

Ki Young Ju, CEO of CryptoQuant, said that he does not foresee any drop in the dominance of Bitcoin in the cryptocurrency market anytime soon. He says that when Bitcoin’s market cap surged by 37% recently, large-cap altcoins were up by only 16% and mid- and small-cap tokens were up only by 10%.

This suggests that bitcoin is still dominating the overall crypto market and remains the most popular product among investors ranging from both retail and institutional.

However, recently, the rally on Bitcoin has slowed down. Experts stated that is due to people taking their profits. Many short-term investors who entered the market earlier this year, especially those who bought above $56,000, chose to lock in gains.