Cryptocurrency Total Market Value Crosses $2.5 Trillion; Bitcoin Price Jumps Above $64,000 Level

Bitcoin, the world’s largest cryptocurrency by market capitalization, surged above the $64,000 mark on Monday morning in Asia, reaching a level around 7% away from its all-time high set in November 2021. The current price stands at approximately $63,600, reflecting a 2.78% increase in the last 24 hours, with Bitcoin’s market capitalization at $1.25 trillion. Year-to-date, Bitcoin’s price has experienced a remarkable rally of over 50%.

On March 1, Bitcoin prices surpassed the historic $63,000 threshold for the first time since December 2021. The cryptocurrency market also witnessed positive movements among other major cryptocurrencies:

• Ethereum rose 1.5% to $3,476.97.
• Solana eased 0.83% to $129.03.
• Tether increased by 0.02% to $1.
• XRP gained 0.57% to $0.639.

Simultaneously, the total market value of the overall cryptocurrency market has exceeded $2.5 trillion.

The recent upswing in Bitcoin prices is attributed to the approval and launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year. These ETFs attracted significant investments, reigniting excitement in the cryptocurrency market. LSEG data indicates that the ten largest spot Bitcoin ETFs brought in $420 million on February 27 alone, marking the highest inflow in almost two weeks.

The anticipation of the upcoming Bitcoin halving event scheduled for April has also contributed to the bullish sentiment. Bitcoin halving occurs every four years, involving a reduction in the rate of token release and decreased rewards for miners. This event gains significance as the bitcoin supply is limited to 21 million, with 19 million already mined.

The introduction of nine new spot ETFs has resulted in a holding of more than 300,000 Bitcoin, which is seven times the amount of new coins mined since January 11. After the halving event, the daily production of new coins will decline from 900 to 450.

Notably, the total value of all Bitcoin in circulation has surpassed $2 trillion this month, marking the first time in two years, according to data from the crypto platform CoinGecko.

Conclusion

The surge in Bitcoin prices, driven by the launch of spot ETFs and the upcoming halving event, underscores the renewed interest and confidence in the cryptocurrency market. However, investors should remain vigilant due to the inherent volatility of the market.

Disclaimer: Cryptocurrency investments carry inherent risks, and individuals should conduct thorough research and exercise caution before making investment decisions. All price data mentioned is based on available information at the time of writing.