Bitcoin Market Cap Reaches $1 Trillion as BTC Surges Beyond $51,000
The price of Bitcoin popped above the key $51,000 level recently, gaining nearly 3.5% over the last 24 hours. The ascent builds on Bitcoin’s over 20% appreciation in the last seven days.
- Bitcoin climbed past the $51K threshold.
- Over $98 million in BTC shorts liquidated as the price spiked upward.
- BTC market cap regains $1 trillion.
According to market data from Coinglass, over $139 million worth of cryptocurrency short positions were wiped out across exchanges in the last day. Bitcoin shorts accounted for over $98 million of that total.
Read more: Crypto Aided In Child Exploitation, Human Trafficking: Report
What triggered the surge in BTC price?
Some analysts attribute Bitcoin’s annual Valentine’s Day advances to overall spikes in crypto trading volumes and engagement on the romantic holiday.
Trader sentiment can also accelerate or hinder progress at these pivotal thresholds. “When it comes to these psychological support levels, the level of crowd FOMO or FUD plays a major role in whether that value ultimately is exceeded for the long term,” stated Santiment on X.
So far, the move past $51K earlier today has sparked more celebration than speculation of a huge surge. Santiment believes this tempered reaction indicates traders have supported the sustainability of the gains.
Bitcoin regains $1 trillion market cap
Bitcoin’s surge past the $51,000 level has helped the largest cryptocurrency regain its $1 trillion market cap. According to the latest data, BTC is trading at $51,650 at press time.
The surge comes as Bitcoin ETFs are gaining pace in the US. BTC hit $48,000 for a short span of time when spot BTC ETFs were approved in the US. However, the price was quick enough to drop.
Read more: Robinhood Beats Expectations With Higher Crypto Revenue
Bitcoin ETFs are also bringing in more money. According to Thomas, the co-founder of Apollo Sats, the BlackRock Bitcoin ETF brought up 95,000 BTC in its first month. This represents almost $4 billion coming in, and he expects more money to flow in.
The global crypto market cap also witnessed a 2.5% surge as Bitcoin and Ethereum exhibited notable gains in the past few days.
