Market Cap reaches New Record
Bitcoin’s total market capitalization reached an all-time high today, surpassing the former peak from 2017. This is due to the increased overall supply, despite the currently lower unit price.
Although BTC is still trading below its December 2017 ATH of $20,000, the cryptocurrency marked another significant milestone. Bitcoin’s total market capitalization reached a new ATH of around $337 billion and it surpassed the previous record (around $334 billion in late December 2017).
So while the price is not at an all-time-high yet, the market cap reaches that ATH. Compared to the top of 2017, there are 1,8 million more BTC in circulation.
Grayscale: $10 Billion Assets under Management
Crypto asset manager Grayscale is now managing more than $10 billion worth of assets across its funds.
The total assets under management (AUM) of Grayscale currently stands at around $10.4 billion. Their Bitcoin Trust GBTC remains the most popular. It has more than 80% share of the total AUM at about $8.85 billion.
In terms of bitcoin units, GBTC holds a massive quantity of around 480,900 BTC, according to The Block Research.
Using the Grayscale Trusts helps investors to mitigate risks with private keys by using the fund as a trusted intermediary.
Bitcoin Fund Canada by Galaxy Digital
Galaxy Digital, the crypto investment management firm founded by bitcoin bull Mike Novogratz, has revealed plans to launch a bitcoin fund in Canada.
In a statement published Nov. 16, Galaxy Digital said it has partnered with major Canadian fund manager CI Global Asset Management for the launch.
The fund is called the “CI Galaxy Bitcoin Fund” and it will be open to the general public. Galaxy Digital, which primarily focuses on corporate investors, has since received approval from securities regulators for its preliminary prospectus for an initial public offering (IPO), it added.
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