Bitcoin’s Brush with $1 Trillion Market Cap After the $48,000 Surge Fizzles as Values Dip
On Friday, Bitcoin briefly soared past a staggering $1 trillion in valuation, marking a significant milestone since March 2022.
The surge saw the price of Bitcoin surpassing $48,000 for the first time in months.
The broader cryptocurrency market also experienced a notable uptick, with its total market cap hitting $1.87 trillion, reflecting a 4.7% increase. Bitcoin maintained its dominance at 49.7%, while Ether accounted for 16.1% of the market share. Currently the total market cap is valued at around $1.79 trillion after yesterday’s pullback. Bitcoin also dropped to $47,500.
According to insights from Geoff Kendrick, who heads Crypto Research at Standard Chartered, the recent rally in Bitcoin can be attributed to evolving dynamics within new U.S. ETFs. He highlighted a shift in flows, indicating a decline in GBTC but an increase in other ETFs such as BlackRock’s iShares Bitcoin Trust.
READ MORE: Coinbase Announces Yet Another Altcoin Delisting Decision
Kendrick elaborated, noting that while GBTC selling appears to have slowed, averaging $59 million per day this week, inflows into other ETFs have remained robust, averaging $244 million per day during the same period. This change in momentum has contributed to Bitcoin’s upward trajectory.
Looking ahead, Kendrick predicts a net inflow into spot ETF funds ranging between $50 billion and $100 billion for the year. He further forecasts that outflows from GBTC will eventually cease, while other inflows persist, potentially driving Bitcoin’s price to $100,000 by the close of 2024 and $200,000 by the conclusion of 2025.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
