Bitcoin becomes the world's 13th largest currency

The price of the cryptocurrency Bitcoin has refreshed its record by climbing above 72 thousand dollars, driven by continued interest in spot Bitcoin exchange-traded funds (ETFs). According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 0.7 percent in 24 hours, exceeding 2 trillion 650 billion dollars.

The largest cryptocurrency, Bitcoin, has gained more than 2.3 percent in value over the last 24 hours as investment in spot Bitcoin ETFs continues to rise. Expectations that major central banks will begin lowering interest rates this year and shift toward more supportive monetary policies are also fueling the rise in Bitcoin.

Bitcoin, which tested the 69 thousand dollar level in November 2021, reached its all-time high today as of 10:30 AM TRT, trading at 71 thousand 50 dollars.

UPWARD MOMENTUM

Analysts point out that the upward momentum in the cryptocurrency's price may continue due to the halving process, which will take place in April and reduce the supply of new Bitcoin.

Ethereum, which ranks second in terms of market capitalization, also gained 0.9 percent in the last 24 hours, reaching the 3 thousand 986 dollar level. Ethereum also broke a record in 2021 by climbing above 4 thousand dollars.

The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.

News Source: 12punto