Bitcoin Hits $51K, Regains $1T Market Capitalization

Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund products grows.

The bitcoin (BTC) price climbed through $51,000 in European morning hours on Wednesday, touching $1 trillion market capitalization for the first time since December 2021, data shows.

The rise came as bullish sentiment around continued growth of the largest cryptocurrency continued, with options traders betting on prices to touch as much as $75,000 in the coming months.

Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund (ETF) products grows. On Tuesday, BlackRock’s IBIT saw nearly $500 million in net inflows, indicative of buying demand.