#Bullrun2024: Global Market Reaches $1Trillion - Could BTC Reach $75k Next?

Written by

Joanna K

Editor

Published Feb 14, 2024 at 1:14 PM
Last updated Mar 11, 2024 at 10:47 AM

The crypto community is jumping for joy today, 14 February 2024, with the price of Bitcoin now trading at more than $51k and the global market cap now standing at $1.92trillion. 

At the time of writing at 1am GMT, the BTC price is trading at $51.7k – up 3.3% in the past 24 hours. This is in spite of a brief dip to $48.4k on the back of yesterday's higher-than-expected consumer price inflation (CPI) data in the US.
Bitcoin (BTC) price daily chart - 14.02.24

What's more, today is the first time since December 2021 that the global market capitalization has passed the trillion-dollar mark.

The new rise in bullish action means that traders are now betting on the BTC price reaching the $75,000 mark in the next year.

The news also follows a huge surge for Spot Bitcoin ETF investment activity, with an influx of $631million reported in the past 24 hours. 

Spot Bitcoin ETFs keep rising

According

BitMex Research, eight Bitcoin ETFs collected 12,736 BTC during this period, illustrating a huge rise in investor interest.

BlackRock's IBIT iShares Bitcoin Trust takes the largest share at 9,949.3 BTC – that's half a billion dollars.

Writing on X (formerly Twitter), the firm said: "All data out for 13th Feb. Very strong day, with $631m positive net flow over all providers. Huge day for Blackrock at +$493m."

Fidelity comes second at 3,301.3 BTC with its FBTC ETF – amounting to more than $165m.

BitMEX Research Bitcoin ETF flow

SOL flips BNB again

In other market news today, Solana has once again overtaken Binance's BNB coin to claims the fourth spot ranking by largest market cap, according to CoinMarketCap. 

SOL's cap is now worth $50bn – up 1.81% in the past day – while BNB's currently stands at $49bn. 

This follows the SOL token's jump of more than 21% in the last week. The SOL price is currently trading at $115.60 at the time of writing. 

Solana (SOL) weekly chart. Source: CoinMarketCap

Meanwhile, BNB is trading at $333.20, with a rise of more than 2.2% in the past day.

The day's other market top-performers include Sei (SEI) at plus 17%, Stack (STX) at 16.05%, and Pyth Network (PYTH) at 12.87%.

Among the losers, are Astar (ASTR) at a decrease of 3%, Litecoin (LTC) at 2.5%, and Beam (BEAM) at 1.59%.