According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 4.6 percent in 24 hours, exceeding $ 1 trillion 703 billion.
The price of Bitcoin, the largest cryptocurrency, has gained more than 5 percent in the last 24 hours as investments in spot Bitcoin ETFs have continued to rise for 9 days.
Expectations that major central banks will start to cut interest rates this year and move towards a more accommodative monetary policy also support the rise in Bitcoin.
Bitcoin, which was traded at $ 45,300 as of 19.10 today, reached its highest value since January 11. Bitcoin’s weekly value gain exceeded 6.3 percent.
Bitcoin has gained more than 70 percent since October 2023, but is still far from its record high of $ 68,990 in November 2021. Bitcoin’s price appreciated by about 157 percent last year.
Analysts point out that the upward momentum in the price of the cryptocurrency may continue due to the halving process that will take place in April and reduce the supply of new Bitcoin.
Ethereum, which ranks second in terms of market value, has also gained 2.7 percent in the last 24 hours, reaching $ 2,441. Ethereum also broke a record by rising above 4 thousand dollars in 2021.
The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.
