According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 2.3 percent in 24 hours and exceeded 1 trillion 850 billion dollars.
The price of Bitcoin, the largest cryptocurrency, has gained more than 3.8 percent in the last 24 hours as investments in spot Bitcoin ETFs continue to rise.
Expectations that major central banks will start reducing interest rates this year and move towards a more supportive monetary policy also support the increase in Bitcoin.
Bitcoin, which was traded at $ 50 thousand 195 as of 20.30 CET today, reached its highest value since December 2021. Bitcoin’s weekly value gain also exceeded 17.4 percent.
Bitcoin has gained more than 80 percent in value since October 2023, but it is still far from its record level of $ 68,990 in November 2021. The price of Bitcoin gained approximately 157 percent last year.
Analysts point out that the upward momentum in the price of the cryptocurrency may continue due to the halving process that will take place in April and will reduce the new Bitcoin supply.
Loosening monetary policy in China is also cited as another reason for the rise in Bitcoin’s price.
Ethereum, which ranks 2nd in terms of market value, gained 3.4 percent in value in the last 24 hours and reached 2 thousand 606 dollars. Ethereum also broke a record by exceeding 4 thousand dollars in 2021.
The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.
This news article has been translated from the original language to English by WorldsNewsNow.com.
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