What determines the price of Bitcoin?

The balance of supply and demand determines the price of Bitcoin.

Bitcoin's protocol caps supply at 21 million coins. New issuance falls with each halving, so scarcity increases over time.

Demand for Bitcoin changes with investor sentiment, macroeconomic conditions like interest rates and inflation, geopolitical events, and institutional adoption through spot ETFs and corporate treasuries. When buyers outweigh sellers, the price rises. When sellers dominate, the price falls.

The live figure above reflects all of these factors as they shift, second by second, across global markets. [1]

As of {{BRIEF_DATE}}, Bitcoin is trading at {{PX_BTC}}, {{CHG_BTC}} over the past 24 hours, moving between a low of {{LO_BTC}} and a high of {{HI_BTC}} on Binance.US. Over the past 7 days the price has moved {{PERF_7D}}, over the past 30 days {{PERF_30D}}, and over the past year {{PERF_1Y}}. Bitcoin's market capitalization stands at {{MCAP_BTC}} on a circulating supply of {{SUPPLY_BTC}}, with {{VOL_BTC}} traded globally over the past 24 hours. These movements reflect the mechanics described below: demand meeting a supply that is mined against a maximum of 21 million coins, with new issuance falling by half roughly every four years, alongside institutional flows and the broader macroeconomic backdrop. This is a dated read of current conditions, not a forecast; Binance.US does not publish price targets.

How Binance.US prices Bitcoin

Binance.US prices Bitcoin from real buy and sell orders that match on its own order books, not a blended average pulled from other venues.

Binance.US is a regulated U.S. cryptocurrency exchange operated by BAM Trading Services Inc.: registered with FinCEN as a money services business, licensed to transmit money in 32 states, and SOC 2 Type II audite [4]

The quotes reflect trades that actually execute on the platform. They show the rate at which you can buy and sell, with assets held under U.S. regulatory oversight.

A price based on real trades is different from a number aggregated across other exchanges. The rate updates continuously as new orders execute, so the figure stays current with market conditions on the exchange. [2]

Binance.US is operated by BAM Trading Services Inc., a licensed and regulated United States cryptocurrency exchange platform that enables American residents to securely buy, sell, trade, and stake digital assets with fiat on-ramp capabilities, U.S.-based custody, and regulatory compliance. [3]

Bitcoin's all-time high

Bitcoin's all-time high is the highest price the asset has ever reached. The stats below show that price, the date it happened, and the percentage gap between the current price and the all-time high.

All-time highs have historically followed four-year Bitcoin halving cycles and surges in institutional demand, then dropped prior to the next cycle.

Comparing the current price next to the all-time high is one of the quickest ways to gauge where Bitcoin stands in its broader market cycle.

This page updates whenever a new record is established, so the all-time high listed is always the latest verified peak on Binance.US rather than an estimate.

Bitcoin market capitalization and circulating supply

Bitcoin's market capitalization equals its price multiplied by circulating supply. That figure ranks Bitcoin against every other cryptocurrency, and Bitcoin consistently holds the number one position with a large share of total market dominance.

Circulating supply counts the coins available in the market today, out of the fixed maximum of 21 million. That gap narrows with each halving, until issuance ends completely. Fully diluted valuation represents the theoretical market cap in the event all 21 million coins have been issued.

Market cap, not price alone, is the standard way to compare cryptocurrencies, since it captures scale and scarcity together. The stats above list market cap, circulating supply, fully diluted valuation, rank, and dominance for a full picture.

• Market capitalization is the total value of all circulating bitcoin, calculated as the price multiplied by the circulating supply.
• Fully diluted valuation is what the market cap would be if the entire maximum supply of 21 million bitcoin were already in circulation.
• Circulating supply is the number of bitcoin currently issued and available to the market. Maximum supply is the fixed cap of 21 million bitcoin.
• Dominance is Bitcoin's share of the total cryptocurrency market capitalization.

Converting Bitcoin to US dollars

Converting Bitcoin to U.S. dollars takes any amount of BTC and returns its value at the current rate. Enter an amount in the converter above for the dollar equivalent, or reverse it to calculate how much bitcoin a set dollar amount buys.

The rate changes all the time, so your converted value always matches the live price instead of an old one. The BTC to USD conversion uses the same first-party rate shown across this page, so what you calculate is the rate at which you can trade on Binance.US.

The converter helps you size a purchase, value your current holdings, or figure out what a fraction of a bitcoin costs in dollars today.

Bitcoin price history and key milestones

Bitcoin's price history began in 2009, when the first coins had effectively no market value. An early transaction in 2010 famously valued 10,000 BTC at two pizzas.

The price has climbed through repeated cycles since then, reaching new highs and facing sharp drops. Every four years, a halving changes how many new coins enter the market, and these halvings have often come before major price moves.

More recently, spot Bitcoin ETFs and growing corporate treasury holdings have pulled Bitcoin further into mainstream finance.

This page focuses on Bitcoin's price history and milestones. Read what Bitcoin is for how Bitcoin works as a technology, and why its supply stays fixed.