Bitcoin Hits New All-Time High, Surpassing $1.6 Trillion Market Cap

Bitcoin has just crossed a monumental milestone, hitting a new all-time high (ATH) as its market cap surged past $1.6 trillion. The cryptocurrency’s recent rally follows a wave of bullish sentiment triggered by Donald Trump’s victory in the U.S. presidential elections, which has injected a fresh sense of optimism into the crypto market.

Bitcoin BitcoinBTC2.84%Bitcoin gained 18% over the past week and is up 3% in the past 24 hours. The leading cryptocurrency reached an ATH of $81,858 earlier today — currently trading at $81,000 following a mild correction.

Thanks to the consistent gains, the BTC market cap surpassed the $1.6 trillion mark. Its daily trading volume also doubled, reaching $92 billion. Bitcoin’s market dominance is hovering at 55.4% at the time of writing.

The so-called digital gold became the ninth-largest asset as it overtook Meta’s $1.48 trillion market value.

Bitcoin’s rally triggered bullish sentiment among digital asset investors, pushing the broader market close to the 2021 highs. According to data provided by CoinGecko, the global crypto market cap increased by 3% over the last day and is sitting above the $2.9 trillion mark.

This level hasn’t been seen since mid-November 2021.

Data from CoinGecko shows that the total crypto trading volume grew by 80% and is currently hovering at $306 billion. This shows increased interest from market participants.