Bitcoin price is trading above $47.000 per unit.
Bitcoin is up 10% this week to surpass $47.000 per BTC. The surge in the market-leading cryptocurrency's price comes amid growing demand for spot ETFs.
Data shows that demand for Bitcoin in spot investment funds has continued to grow at a parabolic pace since it was first listed on the market on January 11. Currently, the fund launched by BlackRock, the iShares Bitcoin Trust (IBIT), continues to experience the highest demand from investors among the new listed investment vehicles launched in the US market.
Data from cryptocurrency price monitoring platform CoinMarketCap shows that Bitcoin has gained 10% over the past week, and nearly 3% over the past 24 hours. At the time of writing, the price of Bitcoin is above $47.350 per BTC.
Source: CoinMarketCap
Bitcoin trading volume on the market has also risen considerably. The platform notes that cryptocurrency traders are moving a volume of more than $35.500 billion dollars with Bitcoin per day, which represents a 30% growth compared to the trading volume seen the previous day.
This metric is used to calculate the trading activity of a cryptocurrency and determine its demand in the market. Overall, Bitcoin is the second most traded cryptocurrency, after the stablecoin USDT.
Why is the price of Bitcoin rising?
The price of Bitcoin has been showing bullish sentiment since the beginning of this week. Even the cryptocurrency briefly broke the $48.000 level on Friday, recovering levels from 2 years ago. The last time the cryptocurrency was trading above this value was in December 2021.
Now, to understand the bullish movement that Bitcoin is experiencing, the crypto analysis firm Coinshares published a report titled “Market Update – Feb. 9th 2024”, in which he explains how global economic uncertainty is driving the inflow of capital into alternatives such as Bitcoin.
According to Coinshares, Bitcoin is increasingly being recognized as a powerful tool for storing value. Investors are exploring new investment and diversification strategies and cryptoassets, primarily BTC, are presenting themselves as a key option for this purpose. The firm highlighted that the approval of Bitcoin spot ETFs in the United States is giving the cryptocurrency a Greater recognition as an investment asset and is improving accessibility to Bitcoin, while providing investors with more confidence to enter the world of digital assets.
In a report Previously, the firm noted that the relational properties of fiat currencies are deteriorating, which appears to be “a clear driver of bitcoin adoption around the world.”
To date, US spot Bitcoin ETFs have already accumulated More than 200.000 BTC under management, less than a month after its approval and market launch.
Nearly $1 trillion in market capitalization
The recent surge in Bitcoin price is bringing the cryptocurrency closer to a market capitalization of $1 trillion.
According to data from CompaniesMarketCap, Bitcoin is again among the 10 largest entities in the world, in terms of market capitalization.
Source: CompaniesMarketCap
With a current market capitalization of nearly $930.000 billion, Bitcoin has surpassed companies like Berkshire Hathaway, Tesla, Visa, JPMorgan and Tencent, which are among the largest financial and technology companies globally.
Continue reading: MicroStrategy pursues its bold Bitcoin investment strategy: Acquires 850 BTC
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
