Share this article
Bitcoin Hits $52K, Regains $1T Market Cap; Genesis Cleared to Sell $1.3B GBTC Shares
Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund products grows.
Updated Mar 9, 2024, 2:15 a.m. Published Feb 14, 2024, 9:30 a.m.
- Bitcoin hit $52,000 Wednesday, surpassing $1 trillion in market value and shrugging off Tuesday's dip.
- Cardano's ADA and dogecoin led the altcoin bounce, outperforming the CoinDesk20 Index's 4.7% advance.
- Genesis received court approval to redeem its Grayscale Bitcoin Trust holdings worth $1.3 billion, Bloomberg reported.
Bitcoin price hit $52,000 during Wednesday surpassing the $1 trillion market capitalization after 26 months, with traders eyeing even more gains anticipating the rally has room to run.
The largest and oldest cryptocurrency shrugged off Tuesday's dip below $50,000 on a hotter-than-expected U.S. inflation data, reclaiming the psychologically significant price level during European trading hours. Throughout its history, BTC only had 145 daily closes (midnight UTC time) over $50,000, CoinDesk's Bitcoin Price Index (XBX) data shows.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Wednesday's rally also brought BTC's market value to back over $1 trillion, surpassing the milestone for the first time since Dec. 2021. Bitcoin was up 4.7% over the past 24 hours, the same amount as the broad-market CoinDesk20 Index's (CD20) advance.
Altcoins also bounced, with Cardano's ADA and popular meme token dogecoin gaining 6% during the day. Ether also rose over 5% to $2,750, its highest price since May 2022.
The broad-market rise came amid bullish sentiment around bitcoin continue running higher, 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.
Strong inflows into U.S.-listed spot bitcoin exchange-traded funds (ETF) supported to positive sentiment, with BlackRock’s IBIT experiencing nearly $500 million in net inflows Tuesday with gradually slowing outflows from the incumbent Grayscale Bitcoin Trust (GBTC).
However, redemptions might pickup soon as crypto lender Genesis received bankruptcy court approval to sell its GBTC holdings worth $1.3 billion, Bloomberg reported.
Swissblock analysts noted in a Wednesday report that BTC will continue its uptrend until holding key support level at $46,000, but warned of slowing momentum.
"Diminishing spikes in value signal a momentum slowdown, possibly leading to a market stabilization or slight pullback," the report said.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin pushes above $90,000 as traders eye change in pattern
Particularly hard-hit in 2025's final sessions, crypto-related stocks are bouncing in this year's first trading day.
What to know:
- Bitcoin rose above $90,000 during U.S. trading hours on Friday.
- It's a notable change in trend, as crypto prices late in 2025 were typically on the defensive while American stocks traded.
- Strategy, Coinbase, Hut 8 and Galaxy Digital were among the crypto-related stocks seeing strong gains.
Top Stories
