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Bitcoin Breaks $51,000 Barrier, Reaches $1 Trillion Market Cap Amid Bullish Momentum

Bitcoin Breaks $51,000 Barrier, Reaches $1 Trillion Market Cap Amid Bullish Momentum

Feb 14, 2024
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Crypto rebounds, analysts predict further upside as Bitcoin ETF demand soars.

The price of Bitcoin (BTC) surpassed the $51,000 mark on Wednesday morning, marking a quick recovery from recent losses and mirroring the upward trend seen in stock markets on Tuesday. This surge in value has propelled the flagship cryptocurrency to reclaim its status as a trillion-dollar asset, a milestone previously attained in December 2021.

According to data sourced from CoinGecko, Bitcoin's price hovered around $51,500 early morning on February 14, with a massive surge of over 20% in the past week. Across major cryptocurrency exchanges, the BTC/USD pair surged by more than 2%, with prices on Coinbase peaking at an intraday high of $51,708 at the time of reporting. This achievement has propelled Bitcoin's market capitalization to surpass the highly sought-after $1 trillion milestone for the first time in more than two years. Additionally, its dominance over alternative cryptocurrencies is strengthening, as it has surged back to 52.6% on CoinMarketCap.

As Bitcoin displays renewed signs of upward momentum, several analysts are expressing optimism regarding its potential to surge to even greater heights in the weeks ahead. Key catalysts identified for this bullish sentiment include the forthcoming BTC halving and the unprecedented demand witnessed within the spot Bitcoin ETF market. On Tuesday alone, inflows into Bitcoin ETFs amounted to nearly $631 million.

Data reveals that Bitcoin spot ETFs have recorded net inflows for thirteen consecutive trading days, with cumulative net inflows reaching an impressive $3.89 billion as of February 13. With Bitcoin's halving scheduled for April this year, investors and analysts alike are closely monitoring these developments, anticipating further market dynamics that could potentially drive Bitcoin's value to new highs.

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