Bitcoin price rises above $52,000, regains $1 trillion market capitalization
- Bitcoin price rallied on the back of optimism that US approval of broader trading in the unit will ramp up demand.
Bitcoin prices jumped above $52,000 level, regaining the $1 trillion market capitalization for the first time since December 2021.
At the time of writing, Bitcoin was down 0.24% over the last 24 hours at $52,194.50, and the token’s market capitalisation was above $1.02 trillion.
The rally in the prices of the world’s largest cryptocurrency comes on the back of optimism that US approval of broader trading in the unit will ramp up demand.
Bitcoin has enjoyed a strong run in recent months, fuelled by expectations US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto without directly purchasing it, AFP reported.
The currency remains well below its record value of almost $69,000 in 2020.
Bitcoin price has also been lifted by hopes that the US Federal Reserve will start cutting interest rates this year as inflation eases.
The expected supply crunch next year because of an event called “halving” has also supported the token’s price surge.
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