Bitcoin Crosses $1 Trillion Market Value Again After Its Price Jumped 22% to $52,005

By Trisha Andrada

Feb 20, 2024 08:52 AM EST

Bitcoin, the world's biggest cryptocurrency, has jumped 22% this year to $52,005, putting its market value above $1 trillion for the first time since its record peak in late 2021.

According to data from CoinGecko, its reinvigoration has bolstered the broader cryptocurrency market, including ether and other digital coins, which has now surpassed $2 trillion, Reuters reported.

What Makes a Mobile Bitcoin Trading Platform a Worth Option for all Types of Bitcoin Traders?
(Photo : Unsplash)

Skyrocketing Value of Bitcoin

The US regulatory approval of a number of spot bitcoin exchange-traded funds (ETFs) from BlackRock, Fidelity, and Invesco, among others, has further strengthened the crypto industry as it allows access to crypto coins via traditional stock markets.

According to brokerage Bernstein, the US spot ETFs added 60,000 bitcoins in the first month of their debut, which is more than double the miner production in the same period, far outstripping anyone's expectation.

According to Reuters, a study by CCData, a research firm located in London, said that total spot trading volumes on centralized exchanges increased by 4.4% to $1.4 trillion in January. It is the highest level since June 2022, representing the fourth consecutive month of growth.

Due to the uptick in trading, Coinbase Global, the biggest public crypto exchange, reported its first quarterly profit in two years last week.

READ ALSO: Is Craig Wright the Real Bitcoin Founder Who Vanished From the Internet Over a Decade Ago? London Court to Decide Soon

2025 Prediction on Bitcoin

Investors are purchasing bitcoin in anticipation of the blockchain's "halving"- a preplanned procedure that decreases mining payouts in half every four years - expected in April, according to several industry analysts. 

This bodes well for the future. Bernstein analyst Gautam Chhugani predicts that 2024 will be the breakout year for cryptocurrencies, with bitcoin reaching record highs and then peaking around $150,000 in the middle of 2025.

"This optimistic outlook is bolstered by the expectation of an upcoming halving event and the possibility of interest-rate reductions," analysts at CCData said.

READ MORE: Bitcoin Drops Below $40,000 for the First Time Since Bitcoin ETF Launch

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics