According to data from the analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 4.6 percent in 24 hours and exceeded 1 trillion 703 billion dollars.

The price of Bitcoin, the largest cryptocurrency, has risen more than 5 percent in the past 24 hours as investments in spot Bitcoin ETFs continued to rise for nine days.

Expectations that major central banks will begin cutting interest rates and shifting to more supportive monetary policies this year are also supporting Bitcoin’s rise.

Bitcoin, trading at $45,300 at 7:10 p.m. ET today, hit its highest value since January 11. Bitcoin’s weekly increase in value exceeded 6.3 percent.

Bitcoin has gained more than 70 percent in value since October 2023, but is still far from its record high of $68,990 in November 2021. The price of Bitcoin has increased by around 157 percent in the past year.

Analysts note that the upward momentum in the price of the cryptocurrency could continue due to the halving process taking place in April and reduce the new Bitcoin supply.

Ethereum, which ranks second in terms of market value, gained 2.7 percent in the last 24 hours to reach $2,441. Ethereum also broke a record in 2021, crossing the $4,000 mark.

The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11th.

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