The spike in Bitcoin investments at both individual and institutional levels has recently contributed to Bitcoin’s sustained price appreciation.
Previously, Bitcoin recorded a $1 trillion market cap milestone in November 2021 during a bull run that eventually catapulted BTC to its momentary all-time high of $69,000.
The bull run extended across the crypto ecosystem and, for the first time, recorded a combined crypto market capitalization of $3 trillion, cointelegraph.com reported.
The upcoming Bitcoin halving is expected to play a leading role in further increasing the market price of Bitcoin.
According to a Grayscale analysis, Bitcoin ETFs can fundamentally change the cryptocurrency;s demand-supply ratio, counterbalancing the halving’s sell pressure.