Bitcoin surged beyond the $51,000 mark during the European morning hours on Wednesday, reclaiming a $1 trillion market capitalization for the first time since December 2021, according to data. The bullish momentum reflects ongoing optimism surrounding the significant growth of the largest cryptocurrency. Options traders are displaying confidence in Bitcoin’s upward trajectory, with some betting on prices reaching as high as $75,000 in the coming months.
Traders are eyeing the $64,000 level in the upcoming weeks, driven by the increasing demand for spot bitcoin exchange-traded fund (ETF) products. On Tuesday, BlackRock’s IBIT witnessed a substantial influx of nearly $500 million in net inflows, signaling a strong buying demand in the market. This positive trend underscores the continued interest and support for Bitcoin, contributing to its market capitalization milestone.
