Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 – Details
15 February 2024 - 5:24PM
NEWSBTC
Bitcoin bulls are back in charge, with the world’s leading
cryptocurrency surging past $52,000 on Wednesday following a long
hiatus. This rally comes on the heels of a brief dip below $50,000
triggered by hotter-than-expected US inflation data, but investors
shrugged it off, demonstrating resilient confidence in the digital
asset’s future. Bitcoin is up more than 21% so far this year.
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$52K Breach This latest surge marks a significant milestone, not
just for Bitcoin but for the entire cryptocurrency ecosystem. After
26 months, the top crypto asset has officially surpassed the
coveted $1 trillion market cap, a testament to its growing adoption
and mainstream appeal. Bitcoin breaks past the $52k level. Source:
Coingecko But what’s driving this renewed optimism? Several factors
seem to be fueling the flames. Firstly, there’s the bullish
sentiment surrounding Bitcoin, with many analysts and traders
anticipating further price gains. Options traders are particularly
optimistic, placing bets that one BTC could reach $75,000 in the
coming months, adding fuel to the fire. Related Reading: Binance
Stirs The Waters With A 200 Million XRP Transfer – What’s The Plan?
Secondly, the recent launch of spot exchange-traded funds (ETFs) in
the US has played a significant role. These ETFs allow investors to
gain exposure to Bitcoin without directly holding it, attracting
institutional investors and driving significant inflows. Nearly $10
Billion Flows Into The Crypto Market Data from CryptoQuant reveals
that a staggering $9.5 billion has poured into the Bitcoin market
through these ETFs since their debut in January. In fact, over 70%
of new money invested in Bitcoin in the past two weeks has
originated from these spot ETFs, highlighting their growing impact.
Looking ahead, the upcoming halving event in April looms large.
This programmed halving, occurring every four years, reduces the
amount of new Bitcoin entering circulation, potentially impacting
its price due to increased scarcity. Historically, Bitcoin has
witnessed significant rallies following halving events, and many
analysts believe this time will be no different. BTCUSD reclaiming
the key $52k level on the daily chart: TradingView.com “The
upcoming halving will further tighten supply,” noted Duncan Ash,
head of product go-to-market strategy at Coincover. “If history
repeats itself, we can expect continued growth in BTC price in the
months ahead.” However, not everyone is singing an entirely bullish
tune. While analysts at Swissblock agree that the uptrend is likely
to continue, they caution against overexuberance, warning of
potential slowing momentum and the inherent volatility of the
market. Ultimately, the future of Bitcoin remains uncertain, as
with any cryptocurrency. However, this recent surge, driven by
bullish sentiment, ETF inflows, and the upcoming halving, suggests
that the bulls are firmly in control for now. Featured image from
Pexels, chart from TradingView
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