Bitcoin flirts with trillion dollar valuation as price rises above $47,000

The price of bitcoin rose 4.5% to $47,035 at 10:14 a.m. ET for a total market capitalization of $931.5 billion, according to The Block's Price Page . Fully diluted valuation, which measures the value of all bitcoin that will ever be mined, was at $996.9 billion. 

The price of bitcoin has increased by over 5% in the past 24 hours. Image: The Block.

The global cryptocurrency market cap now stands at $1.87 trillion, an increase of 4.7% in the past 24 hours. Bitcoin dominance is at 49.7%, while ether accounts for 16.1% of the total crypto market.

Changing spot ETF flow dynamics

Standard Chartered Head of Crypto Research Geoff Kendrick told The Block that the recent bitcoin rally was "down to the changing flow dynamics in the new U.S. ETFs." He used a chart to illustrate how cumulative flows into the new ETFs show GBTC declining, but other funds, such as BlackRock's iShares Bitcoin Trust, posting an increase.

"GBTC selling seems to have slowed, to an average of $59 million per day this week, while flows into the other ETFs continue to be strong, with an average $244 million per day this week. This change is enough to push bitcoin higher," Kendrick added.

The Standard Chartered analyst forecasts there will be a net inflow into spot ETF funds this year of between $50 billion and $100 billion.

"GBTC outflows will stop altogether at some point and other inflows will continue, seeing a $100,000 price for bitcoin by the end 2024 and $200,000 price by the end 2025," he added.

U.S.-based spot bitcoin ETF flow dynamics have changed. Image: Standard Chartered