Bitcoin Regains , $1 Trillion Market Cap.
On Feb.
14, the cryptocurrency's market capitalization exceeded $1 trillion for the
first time since 2021, CNBC reports.
.
Bitcoin also surpassed the
$51,000 level during day trading.
It hasn't reached that price since
December 2021, CNBC reports.
.
The price increase comes on the heels
of a 150% rally that occurred in 2023.
The 2023 rally was in anticipation of
the SEC's approval of bitcoin ETFs,
which came to fruition in January 2024.
However, the cost of bitcoin slumped after the ETF approval, and a new rally kicked off shortly after.
That rally is currently happening as
investors look toward bitcoin's "halving." .
"Halving" is written into bitcoin's code and reduces the supply of the cryptocurrency every four years.
The "halving" is set to take place in April.
.
Just this year, bitcoin is up over 21%.
Bitcoin
Decentralized digital currency
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