• Bitcoin reached $52,000 on Wednesday, surpassing the $1 trillion market value. It also shrugged off Tuesday’s decline.
  • Cardano’s ADA (Dogecoin) and Cardano’s ADA (Adacoin) led the altcoin rally, outperforming CoinDesk20 Index’s 4.7% increase.
  • Bloomberg reported that Genesis has received court approval for its Grayscale Bitcoin Trust to redeem its $1.3 billion worth of holdings.

BTC Price Index and Live Chart – CoinDesk”>(BTC) 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 oldest and largest cryptocurrency, BTC, recovered from Tuesday’s drop below $50,000 after a stronger-than-expected U.S. data on inflation. It then regained the psychologically important price level in European trading hours. In its entire history, BTC has only closed at midnight UTC time 145 times above $50,000. This is according to CoinDesk’s Bitcoin Price Index.

The rally on Wednesday also pushed BTC’s value over $1 trillion for the first since December 2021. Bitcoin’s price has risen by 4.7% in the last 24 hours. This is the same as the CoinDesk20 Index ( CD20 ) gain.

ADA Price Index and Live Chart – CoinDesk”>(ADA) and popular meme token dogecoin (ETH) also rose over 5% to $2,750, its highest price since May 2022.

The rise in bitcoin prices was a result of a bullish market sentiment. option traders bet that the price would reach $75,000 within months.

Some traders will be targeting at $64,000 in the next few weeks, as the demand for spot bitcoin ETFs (exchange-traded funds) grows.

Positive sentiment was boosted by the strong inflows of funds listed in the United States, including BlackRock’s IBIT which saw a net inflow of nearly $500 million on Tuesday. Meanwhile, Grayscale Bitcoin Trust has seen its outflows slow down.

Bloomberg reported that redemptions could pick up soon, as the crypto lender Genesis has received bankruptcy court approval to sell its GBTC assets worth $1.3 billion.

Swissblock analysts stated in a report published on Wednesday that BTC would continue its upward trend until it reaches the key support level of $46,000. However, they warned about a slowing down of momentum.

The report stated that “diminishing spikes of value indicate a slowdown in momentum, which could lead to a stabilization or slight pullback on the market.”

Sheldon Reback, Stephen Alpher and Sheldon Reback edited the book.