As the Bitcoin price topped $99,000 on November 22, setting a new all-time high, we look at how many bitcoins exist, their share in the global currency supply and what drives up their value.
At $99k per coin, Bitcoin's market cap is approaching $2 trillion – a significant figure but still a small portion of the estimated global currency supply of over $150 trillion. This total includes fiat currencies – like dollars, euros and yen – central bank reserves, and near-money assets like savings deposits and money market funds.
Bitcoin’s share remains small but growing, driven by its use as a store of value and a hedge against inflation. Its price is influenced by factors like supply and demand, market trends, adoption rates, macroeconomic conditions and regulatory changes. Limited supply and rising demand drive it higher.
Bitcoin, the world's biggest cryptocurrency has a 56% market share among the top ten cryptocurrencies.
Where is Bitcoin Heading?
Prices on Coinbase, the largest US crypto exchange, are outstripping the Tether (USDT) stablecoin pair on exchanges Binance and Bybit.
Bitcoin has more than doubled in value from this year’s low of $38,505. It soared by about 45% after Donald Trump's election victory on November 5.
Investors foresee favorable crypto regulation under Trump, as he pledged to make the US the "crypto capital of the planet" and build a “national bitcoin stockpile.”
The crypto got a boost after the US Securities and Exchange Commission approved the first 11 Bitcoin spot ETFs in January, allowing trading on traditional market exchanges rather than cryptocurrency exchanges.
Over $4 billion has flooded into US-listed bitcoin exchange-traded funds since the election.
Reports that Trump Media is in talks to buy crypto trading firm Bakkt also fueled the surge.
The US government is one of the world’s biggest holders of bitcoin, with reportedly over 210,000 units worth around $14 billion seized by fraud officers.
What is Bitcoin & How Much of It Exists?
Bitcoin is a decentralized digital currency created in 2009 by the shadowy figure known as ‘Satoshi Nakamoto’. It is traded peer-to-peer, enabling payments without banks.
‘Miners’ use powerful computers earn bitcoins by processing the crypto’s ‘blockchain’ accounting.
There are now around 19.8 million bitcoins in circulation.
The US holds the most bitcoins, driven by institutional adoption and mining. Other key holders include China and Germany.
The total supply of bitcoin was permanently capped at 21 million BTC by its creator.
Once Bitcoin reaches its supply limit, no new coins will be issued. Miners will earn transaction fees instead.
Bitcoin is expected to reach that limit around the year 2140.