(BTC) has experienced a significant increase in the last 24 hours, resulting in a $40 billion increase in market value.
- According to market value, Bitcoin has managed to rise to the 12th position in the list of the world’s largest assets.
- The introduction of BlackRock’s spot Bitcoin ETF has revived optimism and triggered a series of new applications.
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Bitcoin’s rise above $29,000 has brought a market value of $40 billion, making BTC the 12th most valuable asset.
Bitcoin’s Rise Revives the Crypto Market
Bitcoin (BTC) has experienced a significant increase in the last 24 hours, resulting in a $40 billion increase in market value. The price of Bitcoin rose to $29,221 and then experienced a slight pullback below $29,000. Despite the pullback, the BTC price has maintained its 8% gain in the last 24 hours.
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Crypto traders and investors are eagerly monitoring the situation to see if BTC can firmly settle above the critical $30,000 level. During this period, Bitcoin’s market value has increased by an impressive $41 billion, rising from $519 billion on June 20th to $560 billion on June 21st.
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In addition, as seen in the above image, Bitcoin has managed to rise to the 12th position in the list of the world’s largest assets according to market value. The market value of the company ahead of Bitcoin, Meta, is over $728 billion. The market value of the most valuable asset, Gold, is $12.8 trillion.
Currently, Bitcoin is trading at $28,886, showing an impressive 11% increase compared to the previous week.
IntoTheBlock, analyzing the situation, stated:
“All eyes are currently on the $30,000 level. Historically, very few investors have achieved these prices, which means less potential resistance.”
Bitcoin Inflows and Outflows
Key Factors in Bitcoin’s Rise
Bitcoin has been performing exceptionally well in the cryptocurrency market since the previous week. The main reason for this is a significant step taken by BlackRock. BlackRock has applied to the U.S. Securities and Exchange Commission (SEC) to offer a Bitcoin Spot Exchange-Traded Fund (ETF) product.
This important announcement caused the leading digital asset to rise from around $25,000 to $26,500 in a short period of time. The introduction of BlackRock’s spot Bitcoin ETF has revived optimism and triggered a series of new applications.
Invesco has applied for a Bitcoin ETF and actively advocates for the creation of more investment products related to cryptocurrencies. WisdomTree, a significant asset management fund, has also joined the investment firms making efforts to introduce a spot Bitcoin ETF.
According to a recent application to the SEC, WisdomTree has officially requested permission from the SEC for its proposed product “WisdomTree Bitcoin Trust” to be listed on the Cboe BZX Exchange under the symbol “BTCW”.