According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by about 8.8 percent in 24 hours to more than $ 1.27 trillion.
The price of Bitcoin, the largest cryptocurrency, rose 12.4 percent in the last 24 hours as speculation that the US Securities and Exchange Commission (SEC) will approve the Bitcoin spot ETF (exchange-traded fund) increased demand for the crypto sector.
Thus, Bitcoin, which rose above 34 thousand dollars, is trading at 34 thousand 432 dollars as of 07.30 TSI. Bitcoin's price has increased for 6 consecutive days, rising to the highest level in the last 1.5 years.
Meanwhile, Bitcoin's value increase in the last 7 days has approached 23 percent, while its market value has exceeded $ 672 billion.
Bitcoin, which was at an all-time high of $ 68,990 in November 2021, has lost about 50 percent since that date.
Meanwhile, it was noteworthy that the shares of crypto-related companies such as Coinbase Global, bitcoin investor MicroStrategy also rose sharply.
On the other hand, there is still speculation about the launch of the first Bitcoin spot ETF in the US.
The expectation of the first Bitcoin spot ETF in the country increased after news that "the SEC will not appeal the court's decision that the court's rejection of Grayscale Investments' ETF application was wrong".
Analysts see the launch of a Bitcoin spot ETF as an important step towards greater distribution and acceptance of the digital currency.
Blackrock, the world's largest asset management company, as well as VanEck, WisdomTree (WT.N), Fidelity, Bitwise and Invesco have applied to the SEC for a Bitcoin spot ETF.
Analysts also noted that recent geopolitical tensions have increased demand for scarce assets, including both physical gold and bitcoin, which many investors see as digital gold.
On the other hand, Ethereum, which ranks second in terms of market capitalization, has gained more than 7.54 percent in the last 24 hours to $ 1820.