2024-02-09 14:38:14
The price of the Bitcoin cryptocurrency is trading above $45,000 as a result of continued interest in spot Bitcoin exchange-traded funds (ETFs) in global markets.
This was reported by the analytical company Coinmarketcap, Day.Az reports.
According to the information, the value of the global cryptocurrency market, including Bitcoin, grew by 4.6 percent in 24 hours and exceeded $1 trillion 703 billion.
The price of Bitcoin, the largest cryptocurrency, has risen more than 5 percent in the past 24 hours as investments in spot Bitcoin ETFs continue to rise for nine days.
Bitcoin’s rise is also supported by expectations that major central banks will begin cutting interest rates this year and move toward more accommodative monetary policies.
Bitcoin is up more than 70 percent since October 2023, but is still far from November 2021’s all-time high of $68,990. Over the past year, the price of Bitcoin has increased by approximately 157 percent.
Analysts note that the rate of growth in the price of the cryptocurrency may continue in this way, leading to a reduction in the supply of new bitcoins and the halving process that will occur in April.
Ethereum, which is in second place by market value, gained 2.7 percent in value over the past 24 hours and reached $2,441. Ethereum also broke a record in 2021, crossing the $4,000 mark.
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