Bitcoin Hits $52,000 and Surpasses $1 Trillion Market Cap
Bitcoin has reached a significant milestone as its market cap exceeds $1 trillion for the first time since November 2021. This surge comes after the approval of spot Bitcoin ETFs and anticipation of the upcoming halving event in April.
Dramatic Increase in Bitcoin Price Following ETF Approval
In the past 30 days alone, Bitcoin’s price has risen by over 20% and is up by more than 133% year-on-year, currently trading at $51,816. This rise is considered the start of an institutional Bitcoin bull run.
Spot Bitcoin ETF Approvals Boost Price
The recent increase in Bitcoin’s value can be attributed to the SEC’s approval of several spot Bitcoin ETF applicants. This move allows cryptocurrency to reach a wider audience through traditional financial channels.
Impending Halving Event’s Impact on Market Cap
In addition to ETF approvals, Bitcoin’s upcoming halving event in April may further drive up its price. The halving will reduce rewards for miners after completing a block and could lead to another rally in the cryptocurrency market.
Ahead of the halving, miners are already facing challenges as their earnings account for only 10% of the daily inflow secured by spot Bitcoin ETFs. The anticipation of this event amplifies demand and creates a bullish market for Bitcoin.
Overall, these factors have propelled Bitcoin’s price to surpass $52,000 and cross the $1 trillion market cap milestone.
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