The price of bitcoin has been surging at a frenetic pace in a bullish run that began in the last quarter of 2016. The relentless run sees bitcoin’s market capitalization now scaling beyond $17.5 billion.
Exactly a week after bitcoin’s market cap touched $15 billion, rapid gains since through the end of 2016 and the beginning of 2017 that saw bitcoin price reach $1000, has resulted in bitcoin charting through yet another milestone.
According to current figures from CoinMarketCap, a total of 201,085 BTC were traded in a 24-hour period, representing nearly 220 million in USD. As things stand, the total value of all 16 million(+) bitcoins in circulation at $17.56 billion.
If bitcoin were summed up as an M1 (the liquid money supply or narrow money) metric, it would rank at #69 on the global list, only below Cuba at $18.9 billion.
Few expected the current bull run to step up a gear as it has over the past week, gaining 15% in value since December 28. How long can bitcoin’s bullish run last? It remains to be seen. In the meantime, bitcoin value continues to register record-setting numbers.
For a live Bitcoin Price chart, click here.
For the most recent bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here.
Image from Shutterstock. Chart from CoinMarketCap.