Bitcoin capitalization returns to $1 trillion threshold

The price of the largest cryptocurrency by market capitalization rose to $52,000, helping Bitcoin's capitalization surpass the $1,000 billion mark - the highest level in more than two years.

Bitcoin prices soared to $52,000 on the evening of February 14, after a sharp drop due to the US CPI news a day earlier. The increase helped the largest cryptocurrency market capitalization return to the $1,000 billion mark after 26 months, as investors put their faith in the possibility that the market can continue to rise.

In the 15 years since its creation, Bitcoin has only had 145 daily closes above $50,000, according to CoinDesk data.

Other top cryptocurrencies by market capitalization also rose, with Cardano's ADA and Dogecoin both up 6%. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also rose more than 5% to $2,750, its highest price since May 2022.

The strong rally in the cryptocurrency market comes amid optimism that the price of Bitcoin will continue to rise. Options markets are betting on Bitcoin reaching $75,000 in the coming months. Some traders are expecting a target in the $64,000 region in the coming weeks as demand for Bitcoin spot exchange-traded funds (ETFs) increases.

Strong inflows into US-listed ETFs have supported investor sentiment, with BlackRock’s IBIT attracting nearly $500 million on February 13. Meanwhile, net withdrawals from Grayscale Bitcoin Trust (GBTC) are showing signs of slowing.

Bitcoin could continue its uptrend as it has held key support at $46,000, but warned that the pace of gains could slow, Swissblock analysts noted in a February 14 report.

Minh Son ( according to CoinDesk )

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