Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 – Details

Christian Encila

1 year ago

3 mins read

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Bitcoin bulls are back in charge, with the world’s leading cryptocurrency surging past $52,000 on Wednesday following a long hiatus.

This rally comes on the heels of a brief dip below $50,000 triggered by hotter-than-expected US inflation data, but investors shrugged it off, demonstrating resilient confidence in the digital asset’s future. Bitcoin is up more than 21% so far this year.

Bitcoin Shows Mettle With $52K Breach

This latest surge marks a significant milestone, not just for Bitcoin but for the entire cryptocurrency ecosystem. After 26 months, the top crypto asset has officially surpassed the coveted $1 trillion market cap, a testament to its growing adoption and mainstream appeal.

Bitcoin breaks past the $52k level. Source: Coingecko

But what’s driving this renewed optimism? Several factors seem to be fueling the flames. Firstly, there’s the bullish sentiment surrounding Bitcoin, with many analysts and traders anticipating further price gains. Options traders are particularly optimistic, placing bets that one BTC could reach $75,000 in the coming months, adding fuel to the fire.

Secondly, the recent launch of spot exchange-traded funds (ETFs) in the US has played a significant role. These ETFs allow investors to gain exposure to Bitcoin without directly holding it, attracting institutional investors and driving significant inflows.

Nearly $10 Billion Flows Into The Crypto Market

Data from CryptoQuant reveals that a staggering $9.5 billion has poured into the Bitcoin market through these ETFs since their debut in January. In fact, over 70% of new money invested in Bitcoin in the past two weeks has originated from these spot ETFs, highlighting their growing impact.

Looking ahead, the upcoming halving event in April looms large. This programmed halving, occurring every four years, reduces the amount of new Bitcoin entering circulation, potentially impacting its price due to increased scarcity. Historically, Bitcoin has witnessed significant rallies following halving events, and many analysts believe this time will be no different.

BTCUSD reclaiming the key $52k level on the daily chart: TradingView.com

“The upcoming halving will further tighten supply,” noted Duncan Ash, head of product go-to-market strategy at Coincover. “If history repeats itself, we can expect continued growth in BTC price in the months ahead.”

However, not everyone is singing an entirely bullish tune. While analysts at Swissblock agree that the uptrend is likely to continue, they caution against overexuberance, warning of potential slowing momentum and the inherent volatility of the market.

Ultimately, the future of Bitcoin remains uncertain, as with any cryptocurrency. However, this recent surge, driven by bullish sentiment, ETF inflows, and the upcoming halving, suggests that the bulls are firmly in control for now.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.