Bitcoin market capitalization has hit an all-time high, surpassing Saudi Arabia’s GDP and meta value, kicking off a new altcoin season.

Bitcoin’s market capitalization surges to an all-time high (ATH) of $1.303 trillion as the king of cryptocurrencies surpasses Meta’s valuation and Saudi Arabia’s GDP in the process, ushering in a new altcoin season I did.

The price of Bitcoin was trading up 2.5% at $66,736 as of 4:15 a.m. ET, having now surged 56% in a month. It previously soared to $68,770, the highest since 2021.

“There are no sellers.” said Markus Thielen, Head of Research at 10X. “Everyone will be surprised by Bitcoin’s P.Rice action this week.”

BTC’s market capitalization is higher than the value of Meta and Saudi Arabia’s GDP

there was a surge Bitcoin market capitalization is moving sideways. GDP of different countriesIncludes Saudi Arabia, Netherlands, Switzerland, etc. Saudi Arabia’s GDP is just over $1.108 trillion, while the GDPs of the Netherlands and Switzerland are $991 billion and $808 billion, respectively.

BTC also yahoo finance The social network company’s market capitalization was $1.281 trillion.

Altcoin season begins with Bitcoin pump

BTC’s bullish momentum has also energized the rest of the cryptocurrency market. The overall market capitalization of altcoins has surged 44% so far this year, up 5% in the past week alone, reaching $1.116 trillion, according to data from TradingView.

Altcoin market cap daily chart (Source: TradingView)

that much meme coin market also vividly, whose value rose nearly 18% in the last trading day to a total of $62 billion. The price of Shiba Inu (SHIB) soared 272% in one week, MYRO (MYRO) soared 245%, and Pepe (PEP) soared 237%.

New meme coins are also benefiting from the surge, with popular ICOs including Scotty the AI, Meme Kombat, and Sponge V2 all seeing a surge in inflows in the past week, with newly launched Solana token Smog soaring 114%.

Bitcoin rally due to ETF market boom, BTC supply crisis

demand Spot Bitcoin ​​ETFS Exchange-Traded Funds, launched in January, are a key driver of Bitcoin’s surge.

Thielen said that as BTC prices rise, investors become more confident, noting that ETFs are now moving beyond the U.S., with BlackRock recently launching a spot Bitcoin ETF in Brazil.

#bitcoin For 68,000 won! 😍 pic.twitter.com/LTmtEl8rcC

— CoinMarketCap (@CoinMarketCap) March 5, 2024

Thielen’s bullish outlook on Bitcoin significant reduction It is one of 63,000 Bitcoins held on exchange platforms as demand exceeds supply. Coinbase, the leading US cryptocurrency exchange, saw its BTC holdings drop from 400,000 to 372,000 in just one month.

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