Bitcoin Surpasses $1 Trillion Valuation as Price Reaches $47,000
Bitcoin briefly reached a fully diluted valuation of $1 trillion as its price rose above $47,000 for the first time since March 2022. At 10:14 a.m. ET, the price of bitcoin increased by 4.5% to $47,035, resulting in a total market capitalization of $931.5 billion. The fully diluted valuation, which measures the value of all bitcoin that will ever be mined, reached $996.9 billion.
Global Crypto Market Cap Hits $1.87 Trillion
The global cryptocurrency market cap currently stands at $1.87 trillion, marking a 4.7% increase in the past 24 hours. Bitcoin dominance accounts for 49.7%, while ether makes up 16.1% of the total crypto market.
Changing Flow Dynamics in US ETFs Drive Bitcoin Rally
Geoff Kendrick, Head of Crypto Research at Standard Chartered, attributes the recent bitcoin rally to changing flow dynamics in new US ETFs. Kendrick notes that while Grayscale Bitcoin Trust (GBTC) has seen declining flows, other funds like BlackRock’s iShares Bitcoin Trust have experienced an increase. He predicts a net inflow into spot ETF funds this year ranging from $50 billion to $100 billion and expects GBTC outflows to cease eventually.
Hot Take: Bitcoin Poised to Reach $100,000 by End of 2024
Kendrick forecasts that with the slowdown of GBTC selling and continued inflows into other ETFs, bitcoin will reach a price of $100,000 by the end of 2024 and $200,000 by the end of 2025.
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