Bitcoin Surpasses $1 Trillion Market Cap, but There’s a Catch
Bitcoin, the world’s first-ever digital currency, has once again made headlines by surpassing the $1 trillion market cap mark. This is a significant milestone for the token, as it hasn’t reached this level since December 2021. The achievement has sparked curiosity among crypto traders and investors as Bitcoin’s market cap now exceeds that of giants like Walmart, Tesla, and Berkshire Hathaway.
However, there are speculations about Bitcoin’s position as a valuable digital asset with market cap limitations. Additionally, the Bitcoin fear and greed index shows that traders are becoming more cautious, indicating potential challenges ahead for the token.
Bitcoin Price Surges Past $51K
The sudden jump in Bitcoin’s price today has caught the attention of the crypto market. The data from Coinglass reveals a 2.46% increase in Bitcoin’s open interest, indicating new money entering the futures market and contributing to the price surge.
The upcoming BTC halving and the introduction of spot Bitcoin ETFs worldwide further support the bullish sentiment surrounding Bitcoin. However, it’s worth noting that the Coinbase premium gap of 25.77 may undermine the market’s strong momentum.
Bitcoin Price Report
At present, Bitcoin is trading at $51,596 after experiencing a substantial 3.38% jump in the past 24 hours. The increase in trading volume and market cap by 3.37% and 8.82% respectively suggests that there may be underlying factors contributing to this surge.
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