Bitcoin Tops $52k As the Pre-Halving Rally Gains Momentum

TL;DR

• Bitcoin is up by 5% in the last 24 hours and is now trading above the $52k mark.

• The rally comes as the community gears up for the next halving event in 64 days.

Bitcoin’s Rally Pushes it Above $52k

Bitcoin is having an exciting week so far, adding more than 10% to its value over the last few days. At press time, Bitcoin’s price stands at $52,168, up by more than 5% in the last 24 hours.

The rally comes as the Bitcoin community and the broader crypto market continue to prepare for the next Bitcoin halving event. The next halving event is set to take place in 64 days and is expected to usher in another Bull Run. 

This pre-halving rally can be attributed to the rising institutional funds entering the Bitcoin market via the recently approved spot Bitcoin exchange-traded funds (ETFs). The BlackRock, Fidelity, and other leading spot Bitcoin ETFs continue to record positive inflow into their funds. 

Thanks to the latest rally, Bitcoin’s total market cap touched the $1 trillion milestone for the first time since 2021. Bitcoin’s market dominance has also topped 52% once again, after losing some of its market share last year.

Ether, the second-largest cryptocurrency by market cap, is also up by 5% over the last 24 hours and is now trading close to $2,800 per coin. 

Thanks to the ongoing rally, the total cryptocurrency market cap now stands at $1.95 trillion and could soon surpass the $2 trillion milestone if the rally is sustained.