Bitcoin's market capitalization has risen to the $1 trillion mark, a mark last seen at the end of 2021.
The value of the leading cryptocurrency has surpassed $52,000, which has not been seen in the last two years. Financial experts are closely monitoring this upward trend, with some predicting that bitcoin could reach the $112,000 mark by the end of 2024 if there continues to be a steady flow of funds into #bitcoin ETFs.
On Feb. 14, the total value of all bitcoins in circulation surpassed $1 trillion, which is a repeat of the values at the end of 2021. This dramatic increase in value has caught the attention of investors and analysts as the price of bitcoin continues to rise. As of 3:30 p.m. CET, the cryptocurrency's price stood at $52,040, reflecting a marked increase. CNBC reports that bitcoin has already risen in price by 21% since the beginning of 2024. This recent jump in price can be attributed, at least in part, to the growing demand for bitcoin-ETFs. Last week, net inflows into these funds reached the sum of $1.1 billion.
In 2023, the value of bitcoin surged 150%, driven in large part by investors' anticipation of the U.S. Securities and Exchange Commission's (#SEC) approval to launch a bitcoin-ETF. Finally, on January 10, 2024, the long-awaited approval was granted. This decision came after a decade of denials from the commission, with the SEC's stance changing following a decision by the US Court of Appeals, which found the rejection of Grayscale's application to be improper. It is important to note that despite authorizing the creation of a Bitcoin-ETF, the SEC does not endorse or support bitcoin, as emphasized by #Gary Gensler, chairman of the commission.
Bitcoin's value has experienced a significant spike in recent days. On February 12, it crossed the $50,000 mark, which has not been seen since the end of 2021.
Prominent market representative Ki Young Ju, head of CryptoQuant, predicts that the price of this cryptocurrency could reach $112,000 by the end of 2024, if the trend of funds flowing into bitcoin-ETFs continues. However, Ju also recognizes the worst-case scenario, setting the $55,000 level as a potential bottom for the bitcoin price.
