Bitcoin price achieved its first big milestone in terms of market capitalization exactly nine years ago
Bitcoin’s market capitalization first hit $1 billion on March 28, 2013. The world’s first cryptocurrency was trading at $92 at the time. The Bitcoin price rally was linked to the Cyprus banking crisis.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price market cap hit $1 billion nine years ago
Notably, the event was covered by none other than Ethereum co-founder Vitalik Buterin. Before helping to launch the world’s second-largest cryptocurrency, he would write articles for Bitcoin Magazine, one of the first cryptocurrency-related publications.
MT. Gox, which was shut down due to a hack in February 2014, was still the dominant cryptocurrency trading platform at the time. At that time, Bitcoin had not yet become a mainstream asset despite increasing adoption. During its early years, the reputation of cryptocurrencies was contaminated by drug trafficking and other nefarious activities.
Bitcoin crossed the $1 trillion mark for the first time last February. This comes shortly after Tesla, the world’s largest electronic carmaker, announced a $1.5 billion investment in the leading cryptocurrency. Despite differing predictions about the acquisition that would kickstart increased corporate adoption, other S&P 500 companies have not followed suit.
Source: Coin Market Cap
Bitcoin’s market capitalization currently stands at $902 billion, according to CoinMarketCap data. The price of the leading cryptocurrency has increased by about 15.58% in the past week, currently trading at $47,649 on significant spot exchanges.
If Bitcoin were a company, it would be the seventh-largest (behind Tesla, Amazon, Alphabet, Saudi Aramco, Microsoft, and Apple). Despite hitting impressive milestones, Bitcoin still has a lot of work to do to match the market capitalization of gold, which currently sits at around $12.2 trillion. For comparison, the total value of the S&P 500 index is $40.15 trillion.
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