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In recent weeks, the cryptocurrency market has shown significant progress, driven by institutional investments and increasing demand for financial products such as Bitcoin ETF. Since the beginning of December 2024, the total market capitalization of cryptocurrencies has reached $3.73 trillion, with Bitcoin ETF attracting $104.52 billion in investments. This rise is mainly fueled by institutional investors. In recent days, the price of Bitcoin has surpassed $42,000, mainly due to optimism regarding the possible approval of Bitcoin ETF and the upcoming Bitcoin Halving expected in 2024. The Halving will reduce the supply of new Bitcoins, which historically leads to a rise in prices.
Additionally, Tether (USDT) has issued tokens worth $20 billion since November, indicating the high demand for stablecoins in the market. Major Bitcoin holders, including IBIT from BlackRock, continue to strengthen their positions, indicating that long-term institutional investors are firmly established in the market.
All these factors are positive indicators for the cryptocurrency market, indicating the further growth and stability until 2024.