Bitcoin and Ethereum Surge as Cryptocurrency Market Nears $2 Trillion
Date: 2024-02-15 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Hits $52,000 Mark
Since the beginning of 2024, Bitcoin (BTC) has surged by approximately 22%. On Thursday, February 15, its price reached $52,000, with the total market capitalization of the cryptocurrency market nearing $2 trillion.
Ethereum Reaches Highest Level Since Terra Crash
Ethereum (ETH) has reached its highest level since the collapse of the Terra ecosystem in May 2022. Today, the ETH price strengthened to $2,778.
Institutional Investment Driving Cryptocurrency Growth
Zack Pandle, a representative of Grayscale Investments' top management, stated on Bloomberg TV that the surge in cryptocurrency values is the result of institutional capital entering this asset class.
Introduction of Crypto ETFs Boosts Market
Since January 11, spot crypto ETFs have been available on the American market, allowing traders to enter digital currency without directly purchasing it. Capital inflows into such funds have reached around $3.9 billion in the last month.
Majority of Crypto Addresses in Profit
Santiment reported last week that after Bitcoin rose above $50,000, the majority of addresses on the network started to generate profits. A similar situation is observed among Ethereum and XRP holders.
Profitability for Crypto Investors
Over 90% of BTC investors are now profitable, along with over 85% of ETH wallets and 80% of XRP traders enjoying favorable financial positions.
