Bitcoin Community Rejoices, BTC Market Cap Is Above $600 Trillion

Rising Economic Strain Leads to Higher Faith in Bitcoin
  • Bitcoin’s market capitalization is back of $600,000,000,000.
  • The Bitcoin community is happy to see this steady recovery. 
  • They now hope the price of Bitcoin (BTC) will recover steadily as well.

Bitcoin Magazine has been duly updating Bitcoin’s journey so far. Its most recent record states that Bitcoin (BTC) is back at a market cap of over $600,000,000,000. This is indeed very exciting news for the crypto community. 

It seems that the crypto market is gradually leaning towards the road to recovery. Presently, the price of Bitcoin (BTC) is $31,642, up by 3.2% over the last 24-hours. This week, Bitcoin is showing green and bullish signals. 

These signs are a huge relief to many in the Bitcoin and crypto space. After 9 consecutive weeks of red candles on the Bitcoin chart, the crypto is finally going green. Adding to that, its market cap is also recovering well. 

Clearly, Bitcoin still has a lot of support as many Bitcoin holders continue to hold the asset and await their long-term gains. Some of the crypto asset’s firm believers include the President of El Salvador, Nayib Bukele and venture capital investor, Tim Draper. The latter recently shared his prediction of the price of Bitcoin reaching $250,000 by the end of 2022 or start of 2023.

Meanwhile, MicroStrategy’s Michael Saylor is also a firm believer. Other analysts and traders like David Lark say the charts point at a steady recovery for Bitcoin. As the crypto winter continues, it is great to see that Bitcoin still has a strong community behind it. 

From the tweet, we can see other engagements that show complete loyalty to the digital asset and its philosophy. In other news, Bitcoin Archive says 58% of the hash-rate in Bitcoin mining is now powered by sustainable energy. The tweet credits the Bitcoin Mining Council for this statistic. 

This is certainly another positive contribution for the possible steady recovery of Bitcoin’s price. One of the biggest reasons to not support Bitcoin in its initial stage was due to its high energy consumption. Clearly, with Bitcoin miners relying on renewable energy, this is no longer a major concern.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.