The market capitalization of Bitcoin (BTC) has surpassed $700 billion for the first time in seventeen months, following an 8% increase in its price over the past week. This surge is attributed to a rise in institutional interest in the cryptocurrency, as well as the anticipation of spot Bitcoin ETF approvals in the US. Investment advisory firm ByteTree has reported a record high holding of Bitcoin investment funds, further supporting the strong performance of the cryptocurrency. However, the announcement of BlackRock's plans to establish a spot Ethereum ETF has slightly dampened the enthusiasm for Bitcoin. Despite some analysts warning of an overdone rally, the majority of experts believe that Bitcoin has further upside potential, with price targets ranging from $42,000 to $48,000. Some analysts even predict that Bitcoin could reach new all-time highs by mid-2024. The market remains optimistic, although upcoming events such as US inflation and retail sales figures may impact the crypto rally.
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