The world’s most prominent digital currency on Tuesday is back to carving out records just like it was 2017. The No. 1 crypto’s nearly 8% weekly rise and 30% gain so far in November has helped the asset hit a market value of around $328 billion, according to digital-currency data site CoinMarketCap.
That level surpasses the roughly $322.7 billion value that bitcoin hit on Dec. 17 when its price was nearly $20,000 (see chart).
Although bitcoin’s price
hasn’t exceeded that 2017 record level, it currently sits about 12% shy of touching a round-number milestone at $20,000. It quietly has been drawing more attention and notching a fresh all-time peak for an asset considered one of the most polarizing of this generation of financial markets.
Bitcoin’s record market capitalization reflects the attention that the blockchain-based asset has garnered over its rivals.
So-called bitcoin dominance, or the share of bitcoin’s value as it contributes to the universe of recognized digital currencies, was at 65.7%, as tracked by CoinMarketCap. Bitcoin’s market-cap dominance is near to its highest level since May of 2020.
Bitcoin prices have gained nearly 150% so far this year, with Bitcoin futures
trading on the CME Group seeing a similar rise. By comparison, gold
has gained 24% in the year to date, while the Dow Jones Industrial Average
has climbed 4.7% so far in 2020. The S&P 500 index
has gained more than 12% and the technology-laden Nasdaq Composite Index
has surged more than 33% over the same period.
Still, bitcoin bears and detractors aren’t hard to find. On Tuesday, Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, and a longtime bitcoin skeptic, on Twitter challenged proponents of the currency to explain to him why bitcoin is worth his attention and not doomed to collapse.