Bitcoin Price Prediction: $64K Surge Amid ETF Inflows & 1B Transactions
Bitcoin (BTC) kicked off the week with robust momentum, maintaining a position well above the $64,000 mark and reaching a high of $64,496.
The total market capitalization for cryptocurrencies has surged to $2.36 trillion, reflecting a 1.19% increase within 24 hours.
This rise is partly due to investor responses to softer US NFP data, which has heightened expectations for a Federal Reserve rate cut in September, enhancing Bitcoin’s appeal.
Additionally, significant inflows into Bitcoin ETFs, including a notable $63 million to Grayscale Bitcoin Trust, underscore increasing investor confidence.
The launch of Hong Kong’s Bitcoin ETFs further emphasizes this trend, coupled with the landmark achievement of Bitcoin surpassing 1 billion on-chain transactions, all pointing to a vibrant market trajectory for the leading cryptocurrency.
According to Clark Moody’s Bitcoin dashboard, Bitcoin’s blockchain has now recorded over 1 billion transactions, demonstrating its growing role as a major payment system.
This milestone was recently achieved, highlighting the increasing importance of Bitcoin as a global currency.
This achievement underscores the digital currency’s rapid adoption and the high level of trust and security it offers, comparable to traditional payment giants.
Bitcoin achieved this in just 15 years, surpassing Visa’s timeline of 25 years for the same milestone, which points to its accelerated growth trajectory.
Market experts anticipate that Bitcoin’s adoption will continue to surge, driven by increasing institutional interest and the introduction of new financial products such as spot Bitcoin ETFs.
#Bitcoin has officially processed over 1 billion transactions. pic.twitter.com/kS704YYoW5
— Wicked (@w_s_bitcoin) May 5, 2024
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