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Bitcoin Market Cap Hit $1 Billion Nine Years Ago

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Mon, 03/28/2022 - 15:15
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Alex Dovbnya
Bitcoin achieved its first big milestone in terms of market capitalization exactly nine years ago
Bitcoin Market Cap Hit $1 Billion Nine Years Ago
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The market cap of Bitcoin reached $1 billion for the first time on March 28, 2013.

The world's first cryptocurrency was trading at just $92 back then. The price rally was linked to the Cyprus banking crisis.

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 went out of business due to a crippling hacking incident that took place in February 2014, was still the dominant cryptocurrency trading platform back in the day.

Back then, Bitcoin was yet to become a mainstream asset despite growing adoption. During its first years, the cryptocurrency's reputation was tainted by drug dealing and other nefarious activities.

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 As reported by U.Today, Bitcoin surpassed the $1 trillion mark for the first time last February. This came shortly after Tesla, the world's largest e-car maker, announced its $1.5 billion investment in the flagship cryptocurrency. In spite of various predictions about how the purchase would kickstart growing corporate adoption, other S&P 500 companies did not follow suit.

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Image by coinmarketcap.com

The market capitalization of Bitcoin is currently sitting at $902 billion, according to CoinMarketCap data. The price of the top cryptocurrency has rallied roughly 15.58% over the past week, currently trading at $47,649 on major spot exchanges.

If Bitcoin were a company, it would be the seventh-biggest company in the world (behind only Tesla, Amazon, Alphabet, Saudi Aramco, Microsoft and Apple).

Despite hitting impressive milestones, Bitcoin still has a lot of catching up to do in order to match the market cap of gold, which currently stands at roughly $12.2 trillion. For comparison, the total value of the S&P 500 index stands at $40.15 trillion.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.