There’s a reordering of the world’s financial asset classes, and Bitcoin is leading the way.
With Bitcoin’s recent price appreciation above the $50,000 mark in the last week, the crypto currency has again regained its $1 trillion dollar market cap for the first time in over two years.
As of this issue Bitcoin is trading at just over $52,000 per Bitcoin, which is off its lows of $16,655 set back in November of 2022, but not quite close enough for me to its high of $69,000 set in November of 2021.
Bitcoin’s surge in price in 2024 can be attributed to the approval of spot Bitcoin ETFs in January of 2024, and the growing success of these investment vehicles as investors embrace the new asset class that they previously didn’t have easy access to.
There’s been a huge influx of capital into these newly approved spot Bitcoin ETFs. An estimated $9.5 billion dollars of new money has entered the Bitcoin market since the spot Bitcoin ETFs began trading on January 11, 2024.
Bitcoin had rallied 157% in 2023, and is up another 21% since this recent rally began in January of 2024.
As an OG Bitcoin investor and crypto connoisseur I’m excited that more investors now have access to the leading cryptocurrency in this now $1 trillion dollar asset class.
Bitcoin regains $1 trillion market cap as the cryptocurrency hits over two-year high