Bitcoin (BTC) briefly surpassed a $1 trillion fully diluted valuation as its price surged above $47,000 for the first time since March 2022.
The cryptocurrency’s market capitalization reached $931.5 billion, with a fully diluted valuation of $996.9 billion. This achievement has garnered the interest of both investors and analysts.
The substantial price surge can be credited to three main factors: increased investments in spot Bitcoin exchange-traded funds (ETFs), notable developments in the futures market, and a technical breakout following a period of consolidation.
The global crypto market cap hit $1.87 trillion, with Bitcoin dominance at 49.7% and ether at 16.1%. Geoff Kendrick from Standard Chartered attributed the rally to changes in U.S. ETF flows, noting a slowdown in Grayscale Bitcoin Trust (GBTC) selling and increased flows into other ETFs.
Kendrick predicts a net inflow into spot ETF funds of $50–100 billion this year, with GBTC outflows stopping and other inflows persisting, potentially driving Bitcoin to $100,000 by 2024 and $200,000 by 2025.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
