On Wednesday, Bitcoin ‘s capitalization surpassed $1 trillion as the price of one token reached the $52,000 mark. The jump followed the approval of Bitcoin ETFs and an expected halving in April.
According to Coin Market Cap, the recent surge marks a milestone as Bitcoin’s market value crossed the $1 trillion threshold. So far, the token’s price has risen more than 20 percent in the past thirty days.
Prior to the SEC ‘s approval, the price of the cryptocurrency rose steadily to more than $45,000, only to fall below $40,000 in what many described as a “buy the rumor, sell the news” move.
In addition, the latest Bloomberg data reveals inflows of nearly $3 billion into Bitcoin ETFs, highlighting the significant contribution of BlackRock‘s iShares Bitcoin Trust, which is raising $3.8 billion.
The token’s halving, expected in April, could boost its price while reducing the efficiency of mining companies.
Ahead of halving, bitcoin miners are having to cope with difficulties, as the latest data shows that their gains accounted for only ten percent of the daily inflows that are made by bitcoin ETFs secured earlier this week. The expectation of halving could cause another significant rise in the cryptocurrency.
