2/15/2024

Bitcoin market capitalization is $1 trillion

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ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

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Key points:

  • The growth of Bitcoin capitalization is due to the influx of funds into Bitcoin ETFs in the United States.
  • On Wednesday, the price of BTC reached $52,079.
  • Shares of cryptocurrency companies also rose.

On Wednesday, the collective worth of bitcoin investments crossed the $1 trillion mark, marking the first occurrence since November 2021. This surge was attributed to ongoing investments in U.S. spot bitcoin exchange-traded funds, which played a pivotal role in maintaining and boosting cryptocurrency prices.

Bitcoin reached its latest 25-month peak at $52,079 on Wednesday. Presently, it has experienced a 4.29% increase, settling at $51,690. Consequently, the market capitalization of the cryptocurrency now stands at $1.013 trillion, as reported by the pricing platform Coingecko.

Popularity of Bitcoin ETFs

Since early February, the largest cryptocurrency globally has experienced a remarkable 22% increase, marking its most substantial monthly gain since October. Analysts attribute this surge in value partially to significant inflows into newly listed U.S. exchange-traded funds (ETFs) in recent weeks.

According to LSEG Lipper data, inflows into 11 U.S. spot Bitcoin ETFs reached $1.64 billion in the week leading up to Wednesday. Notably, over the past five trading sessions, a total of $409 million was invested in products that had received regulatory approval and commenced trading in January.

“Whether this pace will be sustainable remains to be seen, but in crypto, price often drives flow.”

– experts comment.

“One has to imagine that if there are more days like the last few, the large influx will be met with further increases in Bitcoin prices.

Growth of shares of companies related to cryptocurrency

On Wednesday, stocks of cryptocurrency companies listed in the U.S. saw an increase, with Coinbase experiencing a notable rise of 13.5%. Additionally, mining companies Riot Platforms and CleanSpark witnessed gains of 12.2% and 11.3%, respectively.

Exchange-Traded Funds (ETFs) are considered a transformative element in an industry that has long been attractive to retail traders. These financial products enable investors to access exposure to Bitcoin without the need to directly own the underlying asset.

Meanwhile, Ethereum, the second-largest cryptocurrency, observed a 4.9% increase, reaching $2,762, marking its highest value since May 2022.

ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

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