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Bitcoin Price Soars, BTC Market Capitalization Touches USD 1.32 Trillion

Previously, the price of bitcoin (BTC) reached USD 64,000 or around IDR 1 billion (assuming an exchange rate of IDR 15,721 per US dollar) on Wednesday, February 28 2024, the first time BTC was at that level since the peak of the last bull market in November 2021.

Ajaib Crypto Financial Expert, Panji Yudha, explained that Bitcoin's increase also extended the rally by more than 40% throughout February. Meanwhile, Ethereum (ETH) also experienced a similar thing with an increase of 46% throughout February.

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Pennant said this week's rally coincided with large inflows into US-traded spot Bitcoin ETFs, with the new fund adding more than 12,000 Bitcoins on Tuesday after adding around 10,000 on Monday.

“Bitcoin's increase was also motivated by the important event known as the bitcoin halving in April, an event that occurs about once every four years and is usually accompanied by a strong increase in line with the slowdown in new Bitcoin issuance,” said Panji in a press release, quoted Friday (1/3 /2024).

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Furthermore, Panji explained, the bitcoin halving was intended to ensure the scarcity of BTC issuance from time to time. With the depletion of BTC issued, the price of Bitcoin has surged compared to previous halvings that occurred in 2020, 2016, and 2012.

Ethereum and most other altcoins are also following in Bitcoin's footsteps. Ethereum's move comes about two weeks before an upgrade called Dencun, which is expected to make the blockchain cheaper and faster.

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Bitcoin Price Soars, BTC Market Capitalization Touches USD 1.32 Trillion

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