Bitcoin Broke the $51,500 Mark

By
Tana Harina

02/14/2024

5,0

★

Bitcoin's price has risen above $51,000 and continues to rise.

Bitcoin briefly surrendered its positions yesterday amid inflation data, but today the asset managed to break above the resistance level, which only confirms the bullish market sentiment. Bitcoin is currently trading above the $51,500 mark for the first time since December 2021.

Amid the sharp rise, Bitcoin's market capitalization has reached $1 trillion. Bitcoin's dominance over altcoins is also on the rise, reaching 52.6 percent on CMC.

Traders are targeting the $64,000 mark in the coming weeks, with demand for ETFs increasing. Net inflows into spot Bitcoin ETFs reached $631 million. The total net inflows of $2.07 billion over four trading days underscores the increased investor interest. As outflows from Grayscale remain small, inflows into other funds are not simply a rotation out of GBTC, but represent new investments.

Halving is the second reason for Bitcoin's growth. This process reduces the reward to miners for adding blocks to the network by half. This will reduce the supply of Bitcoin available for sale, potentially reducing selling pressure.

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