The Bitcoin (BTC) price again reached an all-time high in 2025, as values exceeded over 117,853.31 USD on July 30, 2025. Price hikes in early 2025 were connected to the approval of Bitcoin ETFs in the United States, while previous hikes in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla's announcement in March 2021 that it had acquired 1.5 billion U.S. dollars' worth of the digital coin, for example, as well as the IPO of the U.S.'s biggest crypto exchange, fueled mass interest. The market was noticeably different by the end of 2022, however, after another crypto exchange, FTX, filed for bankruptcy.Is the world running out of Bitcoin?Unlike fiat currency like the U.S. dollar - as the Federal Reserve can simply decide to print more banknotes - Bitcoin's supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin's original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021.Bitcoin's price outlook: a potential bubble?Cryptocurrencies have few metrics available that allow for forecasting, if only because it is rumored that only a few cryptocurrency holders own a large portion of the available supply. These large holders - referred to as 'whales'-are' said to make up two percent of anonymous ownership accounts, while owning roughly 92 percent of BTC. On top of this, most people who use cryptocurrency-related services worldwide are retail clients rather than institutional investors. This means outlooks on whether Bitcoin prices will fall or grow are difficult to measure, as movements from one large whale are already having a significant impact on this market.

Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024. That particular price hike was connected to the approval of Bitcoin ETFs in the United States, whilst previous hikes in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla’s announcement in March 2021 that it had acquired 1.5 billion U.S. dollars’ worth of the digital coin, for example, as well as the IPO of the U.S.’ biggest crypto exchange fueled mass interest. The market was noticeably different by the end of 2022, however, with Bitcoin prices reaching roughly 94,315.98 as of May 4, 2025, after another crypto exchange, FTX, filed for bankruptcy. Is the world running out of Bitcoin? Unlike fiat currency like the U.S. dollar - as the Federal Reserve can simply decide to print more banknotes - Bitcoin’s supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin’s original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021. Bitcoin’s price outlook: a potential bubble? Cryptocurrencies have few metrics available that allow for forecasting, if only because it is rumored that only few cryptocurrency holders own a large portion of available supply. These large holders - referred to as “whales” - are said to make up of two percent of anonymous ownership accounts, whilst owning roughly 92 percent of BTC. On top of this, most people who use cryptocurrency-related services worldwide are retail clients rather than institutional investors. This means outlooks on whether Bitcoin prices will fall or grow are difficult to measure, as movements from one large whale already having a significant impact on this market.

In March 2024 Bitcoin BTC reached a new all-time high with prices exceeding 73000 USD marking a milestone for the cryptocurrency market This surge was due to the approval of Bitcoin exchange-traded funds ETFs in the United States allowing investors to access Bitcoin without directly holding it This development increased Bitcoin’s credibility and brought fresh demand from institutional investors echoing previous price surges in 2021 when Tesla announced its 15 billion investment in Bitcoin and Coinbase was listed on the Nasdaq By the end of 2022 Bitcoin prices dropped sharply to 15000 USD following the collapse of cryptocurrency exchange FTX and its bankruptcy which caused a loss of confidence in the market By August 2024 Bitcoin rebounded to approximately 64178 USD but remained volatile due to inflation and interest rate hikes Unlike fiat currency like the US dollar Bitcoin’s supply is finite with 21 million coins as its maximum supply By September 2024 over 92 percent of Bitcoin had been mined Bitcoin’s value is tied to its scarcity and its mining process is regulated through halving events which cut the reward for mining every four years making it harder and more energy-intensive to mine The next halving event in 2024 will reduce the reward to 3125 BTC from its current 625 BTC The final Bitcoin is expected to be mined around 2140 The energy required to mine Bitcoin has led to criticisms about its environmental impact with estimates in 2021 suggesting that one Bitcoin transaction used as much energy as Argentina Bitcoin’s future price is difficult to predict due to the influence of large holders known as whales who own about 92 percent of all Bitcoin These whales can cause dramatic market swings by making large trades and many retail investors still dominate the market While institutional interest has grown it remains a small fraction compared to retail Bitcoin is vulnerable to external factors like regulatory changes and economic crises leading some to believe it is in a speculative bubble However others argue that Bitcoin is still in its early stages of adoption and will grow further as more institutions and governments recognize its potential as a hedge against inflation and a store of value 2024 has also seen the rise of Bitcoin Layer 2 technologies like the Lightning Network which improve scalability by enabling faster and cheaper transactions These innovations are crucial for Bitcoin’s wider adoption especially for day-to-day use and cross-border remittances At the same time central bank digital currencies CBDCs are gaining traction as several governments including China and the European Union have accelerated the development of their own state-controlled digital currencies while Bitcoin remains decentralized offering financial sovereignty for those who prefer independence from government control The rise of CBDCs is expected to increase interest in Bitcoin as a hedge against these centralized currencies Bitcoin’s journey in 2024 highlights its growing institutional acceptance alongside its inherent market volatility While the approval of Bitcoin ETFs has significantly boosted interest the market remains sensitive to events like exchange collapses and regulatory decisions With the limited supply of Bitcoin and improvements in its transaction efficiency it is expected to remain a key player in the financial world for years to come Whether Bitcoin is currently in a speculative bubble or on a sustainable path to greater adoption will ultimately be revealed over time.

By 2025, the Bitcoin market cap had grown to over ***** billion USD as the cryptocurrency kept growing. Market capitalization is calculated by multiplying the total number of Bitcoins in circulation by the Bitcoin price. The Bitcoin market capitalization increased from approximately *** billion U.S. dollars in 2013 to several times this amount since its surge in popularity. Dominance The Bitcoin market cap takes up a significant portion of the overall cryptocurrency market cap. This is referred to as "dominance". Within the crypto world, this so-called "dominance" ratio is one of the oldest and most investigated metrics available. It measures the coin's market cap relative to the overall crypto market — effectively showing how strong Bitcoin compared to all the other cryptocurrencies that are not BTC, called "altcoins". The Bitcoin dominance was above ** percent. Maximum supply and scarcity Bitcoin is unusual from other cryptocurrencies in that its maximum supply is getting closer. By 2025, well over ** million out of all 21 million possible Bitcoin had been created. Bitcoin's supply is expected to reach its maximum around the year 2140, likely making mining more energy-intensive.

It is estimated that the cumulative market cap of cryptocurrencies increased in early 2023 after the downfall in November 2022 due to FTX. That value declined in the summer of 2023, however, as international uncertainty grew over a potential recession. Bitcoin's market cap comprised the majority of the overall market capitalization. What is market cap? Market capitalization is a financial measure typically used for publicly traded firms, computed by multiplying the share price by the number of outstanding shares. However, cryptocurrency analysts calculate it as the price of the virtual currencies times the number of coins in the market. This gives cryptocurrency investors an idea of the overall market size, and watching the evolution of the measure tells how much money is flowing in or out of each cryptocurrency. Cryptocurrency as an investment The price of Bitcoin has been erratic, and most other cryptocurrencies follow its larger price swings. This volatility attracts investors who hope to buy when the price is low and sell at its peak, turning a profit. However, this does little for price stability. As such, few firms accept payment in cryptocurrencies. As of June 25, 2025, the cumulative market cap of cryptocurrencies reached a value of ******.

Bitcoin's circulating supply has grown steadily since its inception in 2009, reaching over **** million coins by late July 2025. This gradual increase reflects the cryptocurrency's design, which put a limit of ** million on the total number of bitcoins that can ever exist. This impacts the Bitcoin price somewhat, as its scarcity can lead to volatility on the market. Maximum supply and scarcity Bitcoin is unusual from other cryptocurrencies in that its maximum supply is getting closer. By July 2025, more than ** percent of all possible Bitcoin had been created. That said, Bitcoin's circulating supply is expected to reach its maximum around the year 2140. Meanwhile, mining becomes exponentially more difficult and energy-intensive.

Institutional investors

In 2025, countries like the United States openly started discussion the possibility of buying bitcoins to hold in reserve. By the time of writing, it was unclear whether this would happen. Nevertheless, institutional investors displayed more interest in the cryptocurrency than before. Certain companies owned several thousands of Bitcoin tokens in 2025, for example. This and the limited number of Bitcoin may further fuel price volatility.

Ethereum's price history suggests that that crypto was worth more in 2025 than during late 2021, although nowhere near the highest price recorded. Much like Bitcoin (BTC), the price of ETH went up in 2021 but for different reasons altogether: Ethereum, for instance, hit the news when a digital art piece was sold as the world's most expensive NFT for over 38,000 ETH - or 69.3 million U.S. dollars. Unlike Bitcoin, of which the price growth was fueled by the IPO of the U.S.'s biggest crypto trader, Coinbase, the rally on Ethereum came from technological developments that caused much excitement among traders. First, the so-called 'Berlin update' rolled out on the Ethereum network in April 2021, an update that would eventually lead to the Ethereum Merge in 2022 and reduced ETH gas prices - or reduced transaction fees. The collapse of FTX in late 2022, however, changed much for the cryptocurrency. As of July 22, 2025, Ethereum was worth 3,765.45 U.S. dollars - significantly less than the 4,400 U.S. dollars by the end of 2021.Ethereum's future and the DeFi industryPrice developments on Ethereum are difficult to predict but cannot be seen without the world of DeFi, or decentralized finance. This industry used technology to remove intermediaries between parties in a financial transaction. One example includes crypto wallets such as Coinbase Wallet that grew in popularity recently, with other examples including smart contractor Uniswap, Maker (responsible for stablecoin DAI), moneylender Dharma and market protocol Compound. Ethereum's future developments are tied with this industry: Unlike Bitcoin and Ripple, Ethereum is technically not a currency but an open-source software platform for blockchain applications, with Ether being the cryptocurrency that is used inside the Ethereum network. Essentially, Ethereum facilitates DeFi, meaning that if DeFi does well, so does Ethereum.NFTs: the most well-known application of EthereumNFTs or non-fungible tokens, grew nearly tenfold between 2018 and 2020, as can be seen in the market cap of NFTs worldwide. These digital blockchain assets can essentially function as a unique code connected to a digital file, allowing to distinguish the original file from any potential copies. This application is especially prominent in crypto art, although there are other applications: gaming, sports, and collectibles are other segments where NFT sales occur.

The price of the cryptocurrency based on the famous internet meme broke its price decline in early November 2022, as people started buying the coin after FTX's collapse. This rally only lasted for a few days, however, as a Dogecoin was worth roughly 0.22 U.S. dollars on July 30, 2025. This is a different development than in 2021, when the crypto became very popular in a short amount of time. Between January 28 and January 29, 2021, Dogecoin's value grew by around 216 percent to 0.023535 U.S. dollars after comments from Tesla CEO Elon Musk. The digital coin quickly grew to become the most talked-about cryptocurrency available, not necessarily for its price - the prices of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and several other virtual currencies were much higher than those of DOGE - but for its growth.

Ethereum's price history suggests that that crypto was worth more in 2025 than during late 2021, although nowhere near the highest price recorded. Much like Bitcoin (BTC), the price of ETH went up in 2021 but for different reasons altogether: Ethereum, for instance, hit the news when a digital art piece was sold as the world's most expensive NFT for over 38,000 ETH - or 69.3 million U.S. dollars. Unlike Bitcoin, of which the price growth was fueled by the IPO of the U.S.'s biggest crypto trader, Coinbase, the rally on Ethereum came from technological developments that caused much excitement among traders. First, the so-called 'Berlin update' rolled out on the Ethereum network in April 2021, an update that would eventually lead to the Ethereum Merge in 2022 and reduced ETH gas prices - or reduced transaction fees. The collapse of FTX in late 2022, however, changed much for the cryptocurrency. As of July 30, 2025, Ethereum was worth 3,788.6 U.S. dollars - significantly less than the 4,400 U.S. dollars by the end of 2021.Ethereum's future and the DeFi industryPrice developments on Ethereum are difficult to predict but cannot be seen without the world of DeFi, or decentralized finance. This industry used technology to remove intermediaries between parties in a financial transaction. One example includes crypto wallets such as Coinbase Wallet that grew in popularity recently, with other examples including smart contractor Uniswap, Maker (responsible for stablecoin DAI), moneylender Dharma and market protocol Compound. Ethereum's future developments are tied with this industry: Unlike Bitcoin and Ripple, Ethereum is technically not a currency but an open-source software platform for blockchain applications, with Ether being the cryptocurrency that is used inside the Ethereum network. Essentially, Ethereum facilitates DeFi, meaning that if DeFi does well, so does Ethereum.NFTs: the most well-known application of EthereumNFTs or non-fungible tokens, grew nearly tenfold between 2018 and 2020, as can be seen in the market cap of NFTs worldwide. These digital blockchain assets can essentially function as a unique code connected to a digital file, allowing to distinguish the original file from any potential copies. This application is especially prominent in crypto art, although there are other applications: gaming, sports, and collectibles are other segments where NFT sales occur.

Convenience oriented businesses were seemingly more likely to offer cryptocurrency solutions than others in early 2021. This observation is based on open-source information, tracking (mostly small) companies that either had a physical in-store ATM for cryptocurrency withdrawal, or accepted cryptocurrencies for payment when a customer visits their shop in 2021. Figures on Bitcoin ATMs are available from several outlets - with this ranking attempting to list where these crypto ATMs or in-store payments can be found. Nearly ***** of the companies mentioned here are found in the United States, with only ***** other countries having over 1,000 entries in this list.

Going big: cryptocurrency acceptance among large businesses

Many of the companies listed here are small businesses, although some entries are part of a retail or gas chain. This leads to the question of whether big companies are opening up to the use of virtual coins. In *************, Tesla announced it was considering accepting Bitcoin (BTC) as a direct payment method for their Model * car. This was a big change, as some large firms used intermediary services up until that point. These services offer solutions that convert crypto payments into U.S. dollar, which are then send to the receiving company. One example includes is Microsoft - Bitcoin payments are allowed on the Microsoft Store, which are then handled by a service called BitPay. BitPay was especially popular with prepaid or gift cards in 2020. Tesla was the first big company to openly state it might accept BTC without an intermediary, as part of its plans to own more cryptocurrency. The car manufacturer's move sparked a Bitcoin price surge in the following weeks.

Digital purchases with Ethereum: the rise of NFT

A few weeks after Tesla's announcement, the crypto world hit the news yet again: A digital artpiece called Everyday: The First 5000 Days had been sold by auction house Christie's for around ** million U.S. dollars - the highest-valued NFT project in the world as of **********, and the third-highest ever sold artpiece from a living artist. Essentially, non-fungible tokens (NFTs) function as a blockchain-powered letter of authenticity which can be bought or sold using Ethereum. Several famous examples of where NFT was used include the aforementioned *** USD auction sale, Twitter founder Jack Dorsey selling his very first tweet through NFT marketplace Valuables, and sports platform Top Shot - where basketball fans can buy and collect packs of NBA highlights. Essentially, the token serves as a unique code connected to a digital file, allowing to distinguish the original file from copies floating around on the Internet. This market is relatively young but saw its market cap grow significantly in only three years time.