Bitcoin has once again reached a significant milestone, surpassing a market value of over $1 trillion. This major achievement comes as cryptocurrency prices soar to their highest level in over two years, marking an important return to former glory for the first time since the end of 2021. The recovery in Bitcoin's value is attributed to several factors, including the successful daily increase in the U.S. spot Bitcoin ETF, which has encouraged investors to become more optimistic, strengthening investor confidence in the long-term potential of cryptocurrencies. This has led to a record $651 million inflow of funds in a single day and the demand for 12,000 bitcoins, compared to the situation where only 900 bitcoins were generated per day. Additionally, the imminent Bitcoin halving may affect miner profitability, leading to increased mining costs and reduced supply. Investors are starting to realize that demand is exceeding newly issued supply. Since trading began on January 11, approximately $9.5 billion in new funds have entered the Bitcoin market through these funds. According to data provider CryptoQuant, over the past two weeks, more than 71% of new Bitcoin investment funds have come from spot ETFs, excluding Grayscale Bitcoin ETF (GBTC).
This time, Bitcoin's market value has surpassed $1 trillion, highlighting its increasing importance as a legitimate asset among retail and institutional investors. Experts point out that the reasons for this increase include Wall Street's growing interest in Bitcoin and significant investments made by prominent figures in the technology and finance sectors in Bitcoin and Ethereum. With Bitcoin trading steadily above $51,000 (Bitcoin price on 02/17/2024 is $51,895.20 USD), the cryptocurrency community and potential investors are closely watching how long this bull market will continue.
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