Bitcoin Hits $45,000, Is 50K Next for BTC?

9 Feb 2024

The global digital asset market cap jumped by more than 3% in the last 24 hours to breach the much anticipated $1.71 trillion. The 24 hour trading volume is up by around 30% to stand at $56.48 billion. This surge was backed by Bitcoin’s move to reclaim $45k, however, it fell just short of it.
Bitcoin breaks into $45k
Data shows that Bitcoin made a move towards the $45,000 mark on Thursday. BTC reached levels not seen in almost a month. It can be expected that the surge is attributed to a steady inflow of cash into US exchange-traded funds (ETFs).
After initial outflows from the Grayscale Bitcoin Trust (GBTC), these recently approved funds have recorded net inflows for nine consecutive trading sessions.
Bitcoin price jumped by more than 4% in the last 24 hours. BTC is trading at an average price of $45,111, at the press time. Its 24 hour trading volume is up by 65% to stand at $26 billion. The resurgence follows a period of subdued performance after the ETFs began trading. 
Analysts believe that Bitcoin is set to continue its upward momentum as Grayscale outflows have tapered off.
What’s next for crypto market?
The upcoming Bitcoin halving is expected to happen in April. This is a quadrennial event that reduces the rewards miners receive for verifying transactions by half. This event is crucial for capping the total supply of Bitcoin at 21 million tokens.
The crypto market registered a strong start to the year, with Bitcoin leading the way with a nearly 160% gain in 2023. However, it outperformed traditional assets like gold and stocks last year.
At the same time, CleanSpark Inc. (CLSK) witnessed a 5.80% increase in pre-market trading, reaching $9.85. The company, operating in the Software – Infrastructure industry, has seen a 13.23% decline over the past month. CleanSpark has agreed to acquire three “turnkey” sites in Mississippi for $19.8 million in cash, contributing to approximately 14% of its revenue in the near term. 
Additionally, the company is in the process of acquiring a facility in Dalton, Georgia, with an initial cash payment of $3.4 million and an additional investment of $3.5 million planned to finalize the project by April, expanding its presence in the area to three sites.
However, Ethereum is also making its way upwards. ETH price is up by 3% in the last 24 hours. It is trading at an average price of $2,433, at the press time.

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