In a resounding display of strength, the total market value of cryptocurrencies has surged past the monumental $2.5 trillion mark. The surge was propelled by Bitcoin’s resurgence, as its price soared above $64,000 on Monday morning in Asia. This surge puts Bitcoin within striking distance of its all-time high set in November 2021, with just a 7% gap to bridge.
Bitcoin, the world’s largest cryptocurrency by market cap, has seen an impressive rally of over 50% since the beginning of the year. At the time of reporting, Bitcoin was trading around $63,600, marking a 2.78% increase in the last 24 hours, with its market capitalization standing at a staggering $1.25 trillion.
On March 1, Bitcoin achieved another milestone as its price crossed the historic $63,000 threshold for the first time since December 2021.
While Bitcoin steals the spotlight, other cryptocurrencies also witnessed positive movement. Ethereum rose by 1.5% to $3,476.97, Solana saw a slight dip of 0.83% to $129.03, Tether inched up by 0.02% to $1, and XRP gained 0.57% to reach $0.639.
This surge in cryptocurrency prices coincides with the recent approval and launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year. These ETFs have attracted significant investments, reigniting excitement in the cryptocurrency market.
According to LSEG data, the top 10 spot Bitcoin ETFs saw an influx of $420 million on February 27 alone, marking the highest inflow in nearly two weeks.
Furthermore, the anticipation surrounding the upcoming halving event scheduled for April has contributed to the bullish sentiment. Bitcoin halving, which occurs every four years, involves a reduction in the rate at which tokens are released, along with decreased rewards for miners. With only 21 million bitcoins ever to be mined and 19 million already in circulation, this event is expected to further constrain supply, bolstering Bitcoin’s value.
In line with this, nine new spot ETFs currently hold over 300,000 Bitcoin, surpassing the number of new coins mined since January 11 by seven times. Post-halving, the daily rate of new coins mined will decline from 900 to 450.
The collective value of all bitcoins in circulation has exceeded $2 trillion this month, marking a significant milestone in the cryptocurrency market’s trajectory, according to data from CoinGecko.
Rewrite this as a news:
- Cryptocurrency market value surpasses $2.5 trillion milestone.
- Bitcoin’s price jumps above $64,000, nearing its all-time high.
- Bitcoin’s market capitalization stands at $1.25 trillion.
- Bitcoin’s rally in 2024 exceeds 50%.
- Ethereum, Solana, Tether, and XRP also see positive movement.
- Recent approval and launch of spot Bitcoin exchange-traded funds (ETFs) in the United States boost investor interest.
- Anticipation surrounding the upcoming halving event scheduled for April contributes to bullish sentiment.
- Nine new spot ETFs hold over 300,000 Bitcoin, with the daily rate of new coins mined set to decline post-halving.
- The collective value of all bitcoins in circulation exceeds $2 trillion, according to CoinGecko data.
