With Bitcoin’s support comfortably above $48,000, the crypto market capitalization chart has seen a sharp upward trend in the last few days and has come close to breaching the $1 trillion mark.
The dream run for the crypto market continued on consecutive days, with Bitcoin’s support at a firm level. In the last 24 hours, BTC witnessed a minor dip but recovered gradually to trade just below $50,000. Hence, the crypto market capitalization chart has maintained robust returns. At the same time, other tokens like Solana have seen double-digit weekly returns, boosting the market’s prospects.
A few developments in crypto have also made headlines recently, along with Bitcoin’s rally. The crypto fear and greed index has been at its highest after a long time, signaling a likely cooling period ahead. On the other hand, new reports revealed how prominent venture capitalists also invested in BTC before the ETF approvals.
The news could indicate a change and investors increasingly preferring BTC as an asset class. Stefan Rust, who heads data aggregator firm Truflation, said, “In this environment, Bitcoin is a good safe-haven asset. It’s a finite resource, and this scarcity will ensure that its value grows along with demand, making it ultimately a good asset class for storing value or even increasing value.”
If the spot Bitcoin ETFs indeed become an alternative financial product, the crypto market is set to receive inflows soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $49,600 on February 14, 2024, with BTC/USD trading lower by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $973 billion.
BTC/USD is trading higher than its 20-day EMA (43,546.40), as BTC’s 24-hour volume was at around $33 billion. The crypto market cap decreased by around 0.46%, trading above $1.867 trillion. BTC’s year-to-date returns are at 18.31%.
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