Bitcoin’s (BTC) market capitalization has risen above $1 trillion U.S. for the first time since late 2021.
The value of all the Bitcoin in circulation topped the key level of $1 trillion U.S. as the cryptocurrency’s price surpassed $51,000 U.S.
Bitcoin is currently trading at $51,775 U.S., having risen 5% in the last 24 hours. Cryptocurrencies trade around the clock.
Bitcoin’s price is now up 17% this year and has increased 133% in the last 12 months.
The current rally is being driven by inflows to a new crop of spot Bitcoin exchange-traded funds (ETFs) that launched in January, and due to expectations for an upcoming halving event.
The halving event that’s expected to take place in April will see the rewards given to Bitcoin miners reduced by 50%, which lowers the volume of a cryptocurrency.
Past halving events have led Bitcoin’s price to test new all-time highs. The record high for Bitcoin was just under $69,000 U.S. and achieved in November 2021.
Analysts and options traders are betting that Bitcoin’s price could surpass $70,000 U.S. in coming months if the current rally is sustained.
Other cryptocurrencies are also seeing their prices rise, with Ethereum (ETH) also up 5% in the last 24 hours and trading at $2,750 U.S.
