Bitcoin briefly soared toward $30,000 following a false spot Bitcoin ETF approval information before swiftly retreating to the $28,000 level. But an actual approval could add $1 trillion to the crypto market, according to the latest report by CryptoQuant.
In this case, Bitcoin could witness inflows of $155 billion. The entry of fresh money could further boost Bitcoin’s market cap by $450-$900 billion, CryptoQuant said in its latest In past bull markets, Bitcoin’s market capitalization has typically expanded at a rate of 3 to 5 times higher than its realized capitalization. This implies that for each additional dollar entering the Bitcoin market, the market capitalization could potentially grow by 3x to 5x, CryptoQuant explained.
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Source: CoinDesk - 🏆 291. / 63 Read more »