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The market capitalization of bitcoin has reached $ 10 trillion

Just a month after bitcoin hit a new all-time high of $42,000, the market capitalization of the cryptocurrency has reached $ 10 trillion. According to the latest data from Decentrader, bitcoin's market capitalization has reached $ 10,651 trillion, and most cryptocurrencies are included in this number. the market capitalization of BTC.Market capitalization of bitcoinCurrently, bitcoin's market capitalization hovers around $ 8 trillion, and this figure is likely to remain unchanged for at least another year. "A year ago, 10 months before the start of the bull run, this figure would have been ~ $7 trillion," Decentrader concluded. "Now it is $ 15,000. A truly spectacular level."Decentrader drew its purchasing power from the bottom up, buying all the underlying assets of BTC at a price of $ 24,000. At the time, this would have been a Level of $ 2,000, and now bitcoin is valued at $ 42,000 per coin.Only a month later, when the cryptocurrency hit its all-time high of $42,000, this figure increased to $ 13,655 trillion. "A year ago, the end of June would have been the start of a new parabolic movement," Decentrader continues. "By the middle of July, the price of bitcoin was $ 42,000, and by the end of the month, it had reached $ 50,000. A truly spectacular price."A combination of technical dynamics and institutional buying activity pushes the current market capitalization up more than $ 10 trillion in just a month. 'Buying on rumors' effectively forces traders to open long positions on bitcoin, given the sudden spike in its price on major exchanges.Institutional investors are likely to open long positions on bitcoin as the price continues to approach $ 50,000. "Buying on rumors is the best way to buy bitcoin, period," says Aaron Smith, a former Wall Street trader who focuses on blockchain and cryptocurrencies. "A rumor is a strong signal, coupled with a large enough timeframe, to open a long position."A combination of bullish technical dynamics and growing institutional interest pushes the current market capitalization of bitcoin to $ 13 trillion, and short-term traders say it could push the market to $ 100 trillion before the next parabolic rise. Crypto investor Scott Melker says that $ 100 trillion is a much more realistic goal, as it will be achieved "more peacefully" than war. He says:"At some point, we will reach $ 100 trillion in our lifetimes. Peacefully, this is less disruptive than a nuclear winter, more efficient. Using the example of the last ice age, this goal can be reached relatively quickly - if the conditions are right."Scott Melker, a crypto trader and investor, he noted that