Bitcoin has just hit a market capitalization of $327.3 billion for the first time ever. The last all-time high was $324 billion back in December 2017 when Bitcoin was close to $20,000. The increase in market cap is mostly due to the growth of the circulating supply of Bitcoin.
However, it’s important to note that the current circulating supply of 18.5 million BTC is not exactly real. It is estimated that close to 4 million Bitcoins are lost forever and cannot be recovered. This number comes from a lot of Bitcoin owned by Satoshi Nakamoto and other lost BTC.
Many of the Bitcoins in circulation are owned by exchanges with Coinbase leading the race with around 1 million BTC.
Bitcoin aiming for $20,000 by the end of November
From a technical standpoint, it seems that Bitcoin is unstoppable right now and facing very little opposition to the upside. On the 4-hour chart, bulls created an ascending wedge that was broken several hours ago.