Bitcoin’s market cap soared to an all-time high of over $1 trillion in April 2021 but fell to about $600 billion by June. Awareness among the public remains low, despite 18 million Bitcoins in circulation and 6,674 ATMs globally. The price index jumped from $367 in January 2016 to over $13,000 in December 2017, showcasing Bitcoin’s volatility and potential.
Bitcoin’s journey has been nothing short of remarkable, particularly noted from 2013 through to 2024. April 2021 stands as the high point of its market cap, hitting a staggering one trillion USD—up over 1,000 billion since its earlier valuation during the summer months. Since then, however, we’ve seen a significant dip, with market cap figures hovering around 600 billion USD by June 2021, highlighting the volatility in cryptocurrency valuations. Market cap is determined by multiplying the total Bitcoins in circulation by their respective price, and Bitcoin has skyrocketed from a mere billion in 2013 to much higher figures, especially during the massive spike in 2017.
Despite the exponential growth in market cap, public awareness has lagged behind. A striking 25 percent of Americans were still unaware of what Bitcoin was as of 2019, pointing to a knowledge gap in the market. There are about 18 million Bitcoins currently in circulation, yet only 6,674 Bitcoin ATMs can found worldwide, with most of them concentrated in the US. This shows there aren’t many physical outlets for Bitcoin transactions at all, keeping its reach rather limited.
Another key aspect to consider is the structure of Bitcoin itself. Unlike traditional currencies that are governed by a bank or institution, Bitcoin operates on a decentralised network, making it unique. This decentralisation not only allows users to easily set up accounts but also enables complete transparency of transactions. The Bitcoin price index has seen an astonishing rise; from just $367 in early 2016, it surged past an impressive $13,000 by the end of 2017. This increase speaks volumes about the cryptocurrency’s volatility and potential.
