"Fulamak is going crazy high, will the momentum of BTC price increase be strong again?"
The entire cryptocurrency market early this morning was shocked again by the news about the price of Bitcoin (BTC) which finally managed to break through $52,000 causing the market capitalization to reach over $1 trillion.
The impact of the positive increase in investor sentiment has been fueled by the continued rise in the crypto market coupled with the highly anticipated approval of the BTC ETF spot in the United States (US).
Not only that, individuals and institutions that are increasingly investing in BTC is also one of the reasons why the price of the digital asset is getting higher.
Earlier, BTC also achieved a market capitalization of $1 trillion in November 2021 during a bull run that eventually pushed its price to a temporary high of $69,000, where at that time the market capitalization was as much as $3 trillion.
So here it can be seen that the upcoming BTC halving event is expected to play an important role in further increasing the price of BTC and according to Grayscale analysis, BTC ETF can change the crypto supply demand ratio.
Grayscale analysis reveals the current mining rate is 6.25 BTC per block amounting to $14 billion, therefore $14 billion worth of buying pressure is needed over the same period to maintain the current price.
It is well known that the halving event will halve the mining reward at 3.125 BTC which requires BTC to maintain a high market value to make mining a viable business model.
As of this writing, BTC price has surged by 5.20% at $52,042 in the last 24 hours with a trading volume of $41 billion and a further 16.95% increase over the last week.
