Latest News

Bitcoin back in the trillion-dollar club as rally powers on


Bitcoin back in the trillion-dollar club as rally powers on By Proactive Investors

Breaking News



Published Feb 14, 2024 13:05

Bitcoin back in the trillion-dollar club as rally powers on

Proactive Investors – Bitcoin (BTC) powered above $51,000 for the first time in 26 months this morning after the world’s largest cryptocurrency penned a 3.3% gain against the US dollar.

It comes after a Tuesday wobble when the BTC/USD pair closed half a percentage point lower.

Despite the wobble, bitcoin has added nearly 20% to its spot price over the past seven days, in a bullish sign that the raft of bitcoin-based exchange-traded funds approved in January are starting to filter through to the spot market.

BlackRock’s iShares Bitcoin ETF (IBIT) has shot to the top of the global ETF leagues with over $4.7 billion in cash inflows, while Fidelity’s FBTC product has added over $3.8 billion, per Bloomberg data.

These healthy cash inflows are spurring buying support in the bitcoin markets, even if the Grayscale Bitcoin Trust (GBTC) continues to witness net outflows.

As a result of the rally, bitcoin’s market capitalisation is back above the trillion-dollar club, having flipped Warren Buffet’s Berkshire Hathaway (NYSE:BRKa) as the 10th largest global asset class.

As of midday, the BTC/USD pair was swapping for $51,640, marking a 22% year-to-date surge.

Ethereum (ETH), the second-largest cryptocurrency, was sent 4.45% higher against the US dollar this morning, with the ETH/USD pair swapping for $2,757 at the time of writing.

In the wider cryptocurrency space, Solana (SOL), Cardano (ADA) and Avalanche (AVAX) have added over 20% week on week, while BNB, Ripple (XRP) and Dogecoin (DOGE) have added high single digits.

Global cryptocurrency market cap currently stands at $1.92 trillion, with bitcoin dominance above 54%.

Read more on Proactive Investors UK


Bitcoin back in the trillion-dollar club as rally powers on

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

You Missed Out On Nvidia — 7 Stocks Look Better Now: Analysts

Previous article

Decoding 2024: Learn on what to expect this year in Markets and Predictions

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News