Bitcoin price jumped above the $64,000 mark on Monday morning in Asia, just around 7% away from the cryptocurrency’s all-time high set in November 2021.
The world’s largest cryptocurrency by market cap, Bitcoin was trading at around $63,600, rising 2.78% in the last 24 hours. Bitcoin’s market capitalization was at $1.25 trillion. So far this year, Bitcoin price has rallied more than 50%.
On March 1, Bitcoin prices crossed the historic $63,000 price threshold for the first time since December 2021.
Among other cryptocurrencies, Ethereum was up 1.5% at $3,476.97, Solana eased 0.83% to $129.03, Tether rose 0.02% to $1, and XRP gained 0.57% to $0.639.
Meanwhile, the overall cryptocurrency total market value has passed $2.5 trillion.
The rally in Bitcoin prices comes after the recent approval and the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year which attracted substantial investments and reignited excitement in the cryptocurrency market.
As per LSEG data, the 10 largest spot Bitcoin ETFs brought in $420 million on February 27 alone, marking the highest inflow in almost two weeks.
Bitcoin prices were also boosted in anticipation of the upcoming halving event scheduled for April. Bitcoin halving occurs every four years and involves a reduction in the rate at which tokens are released, along with decreased rewards for miners.
This event adds to the overall bullish sentiment as the bitcoin supply is limited to 21 million, with 19 million already mined.
The nine new spot ETFs have more than 300,000 Bitcoin, or seven times the amount of new coins mined since January 11. After the halving, the number of new coins mined daily will decline to 450 from 900 currently.
The value of all the bitcoin in circulation has topped $2 trillion this month for the first time in two years, according to crypto platform CoinGecko.
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