Bitcoin market cap has renewed its all-time high, and one of the richest people in Mexico invested 10% of his capital in BTC
Bitcoin market cap has hit its all-time high
The latest round of BTC’s recent rally finished with the coin’s market cap hitting $342 billion for the first time in history.
The last record at around $329.3 billion was set in December 2017, when the price rose to a peak at $19,900. However, now the capitalization has renewed its maximum, despite the fact that the BTC rate has failed to reach new heights.
This was due to the regular emission of coins. In December 2017, there were approximately 16.75 million BTC, and since then more than 1.8 million BTC have been mined, which corresponds to an increase in the supply of about 10.75%. The total capitalization of the cryptocurrency market also exceeded $500 billion for the first time since February 2018.
One of the richest people in Mexico invested 10% of his capital in BTC
The second-largest Mexican billionaire Ricardo Salinas Pliego said that 10% of his portfolio was in Bitcoin.
“Today I recommend THE BITCOIN PATTERN, this book is the best and most important to understand Bitcoin. Bitcoin protects the citizen from government expropriation. Many people ask me if I have Bitcoins, YES. I have 10% of my liquid portfolio invested,” the businessman tweeted.
He also noted that he invested the remaining 90% in “miners of precious metals”. Pliego is the founder and chairman of Grupo Salinas, a media, telecommunications, finance and retail business. He is ranked as the world’s 166th richest citizen.
Bitcoin price surged up to $82,000 for a brief moment on Binance
On November 17, the bitcoin price rose to $82,000 from $17,500 for a brief moment.
This happened on the Binance exchange in a trading pair with the TUSD stablecoin, which is pegged to the dollar rate. Traders who placed sell orders in advance could have earned up to 370% profit on this jump in the rate.
The reason could be a mistake of the trader, who bought about 29 BTC at the market rate, which pushed the price up since the minute trading volume in the BTC/TUSD pair usually does not exceed 1 BTC.