During the European morning hours on Wednesday, the price of bitcoin (BTC) surged past $51,000, reclaiming a market capitalization of $1 trillion for the first time since December 2021, according to data.
This upward movement is attributed to the prevailing optimistic sentiment surrounding the ongoing expansion of the leading cryptocurrency. Options traders are expressing confidence in potential price increases, with some placing bets on bitcoin reaching up to $75,000 in the coming months.
Notably, a group of traders is setting their sights on the $64,000 level in the upcoming weeks, anticipating increased demand for spot bitcoin exchange-traded fund (ETF) products. The momentum is underscored by substantial net inflows of nearly $500 million into BlackRock's IBIT on Tuesday, signaling a noteworthy surge in buying activity.