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bitcoin's market capitalization surged to a new all-time high (ATH) of $1.303 trillion as the cryptocurrency king surpassed Meta's valuation and Saudi Arabia's gross domestic product (GDP), kicking off a new altcoin season in the process.
bitcoin price rose 2.5% to trade at $66,736 at 4:15 a.m. EST, and has now skyrocketed 56% in a month. It had previously risen to $68,770, the highest level since 2021.
“There are no sellers.” said Markus Thielen, head of research at 10X. “Everyone will be amazed by the paction on rice this week.”
btc Market Cap Higher Than Meta Valuation, Saudi Arabia GDP
The increase has taken bitcoin's market capitalization far exceeds the GDP of various countries, including Saudi Arabia, the Netherlands and Switzerland. Saudi Arabia's GDP amounts to just over $1.108 trillion, while the Netherlands and Switzerland have GDPs of $991 billion and $808 billion, respectively.
btc has also become more valuable than tech giant Meta, with data from Yahoo Finance showing the social media company's market capitalization at $1.281 trillion.
bitcoin pump ignites an altcoin season
btc's bullish momentum has also boosted the rest of the crypto market. Data from TradingView shows that the collective market capitalization of altcoins has increased by 44% so far this year, and 5% in the last week alone, to stand at $1.116 trillion.
Daily altcoin market capitalization chart (Source: TradingView)
He coin market meme also has resuscitate, seeing its valuation soar almost 18% on the last day of trading to a total of $62 billion. Shiba Inu (SHIB) price soared 272% in one week, Myro (MYRO) soared 245%, and Pepe (PEP) soared 237%.
New meme coins are also benefiting from the surge, with popular ICOs including Scotty the ai, Meme Kombat, and Sponge V2 seeing a surge in inflows over the past week, while the recently launched Solana Smog token has shot up 114%.
bitcoin Rally Driven by ETF Market Boom and btc Supply Crisis
Demand of bitcoin Spot ETFyes (exchange-traded funds) launched in January are a key driver of bitcoin's rise.
The more the price of btc rises, the more confident investors feel, Thielen said, noting that ETFs are now moving beyond the US with BlackRock's recent launch of a spot bitcoin ETF in Brazil.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin at $68 thousand! pic.twitter.com/LTmtEl8rcC
– CoinMarketCap (@CoinMarketCap) March 5, 2024
Thielen's bullish outlook on bitcoin is supported by the considerable decrease of 63,000 bitcoins held on exchange platforms as demand exceeds supply. Coinbase, the leading US crypto exchange, saw its btc reserves drop from 400,000 to 372,000 in just one month.
<img decoding="async" alt="A crypto analyst says history shows what could be next for bitcoin, but is it good or bad?” src=”https://www.newsbtc.com/wp-content/uploads/2024/01/bitcoin.jpeg?fit=1140%2C600″/><img decoding="async" src="https://www.newsbtc.com/wp-content/uploads/2024/01/bitcoin.jpeg?fit=1140%2C600″ alt=”A crypto analyst says history shows what could be next for bitcoin, but is it good or bad?”/>
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