fbpx
Skip to content Skip to sidebar Skip to footer

Bitcoin Surpasses $1 Trillion Fully Diluted Valuation As Price Tops $48,000

Bitcoin, the world’s largest digital asset, exceeded a fully diluted valuation of $1 trillion on Friday, marking a significant milestone in its volatile journey. The cryptocurrency soared above $48,000, a level unseen since March 2022, registering a 6.31% increase in price. According to data from CoinMarketCap, this surge propelled Bitcoin’s total market capitalization to $940.125 billion, with its fully diluted valuation reaching $1.004 trillion.

The broader cryptocurrency market also witnessed an uptick, with the global cryptocurrency market cap reaching $1.87 trillion, reflecting a 4.7% increase over the past 24 hours. Bitcoin dominance remained strong at 49.7%, while Ethereum accounted for 16.1% of the total crypto market.

Geoff Kendrick, Head of Crypto Research at Standard Chartered, attributed the recent rally in Bitcoin to shifting flow dynamics within new U.S.-based ETFs. Kendrick highlighted a notable decline in cumulative flows into the Grayscale Bitcoin Trust (GBTC), countered by increased inflows into alternative funds such as BlackRock’s iShares Bitcoin Trust.

“GBTC selling seems to have slowed, averaging $59 million per day this week, while flows into other ETFs continue to be robust, averaging $244 million per day,” Kendrick explained. He further forecast a net inflow into spot ETF funds this year ranging between $50 billion and $100 billion, foreseeing a bullish trajectory for Bitcoin with a projected price of $100,000 by the end of 2024 and $200,000 by the end of 2025.

In tandem with Bitcoin’s rally, U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced substantial net inflows, marking one of their most significant upticks since their inception. The surge in ETF activity coincided with Bitcoin’s climb past $47,000, briefly touching $47,699 before retreating to $46,700 amidst a swift sell-off. However, prices quickly rebounded, stabilizing above the $47,000 mark.

Analysts remain optimistic about Bitcoin’s future trajectory, citing its recent reclamation of the key 50-day moving average as a bullish signal. Alex Kuptsikevich, FxPro senior market analyst, expressed confidence in Bitcoin’s potential for higher prices, while Markus Thielen of 10X Research projected short-term targets of $48,000 and mid-term goals of $52,000 by March, buoyed by historical trends and market dynamics.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020-2023}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us