Bitcoin market cap breaks $1 trillion for first time since November 2021

BITCOIN'S market cap today passed a trillion dollars - its highest figure since the flagship cryptocurrency hit its all-time high of $67,566 in November 2021.

The price of Bitcoin (BTC) currently stands around $51,600 - up 6% in 24 hours, 20% across the week, and 21% over 28 days - buoyed by recent inflows into Bitcoin exchange-traded funds.

An hour ago, crypto exchange giant Coinbase recorded Bitcoin's market cap at $1T as prices continued to rise across the board, with BTC dominating 56% of the entire cryptocurrency market.

Current bullish sentiments are largely being driven by capital flows into spot Bitcoin exchange-traded funds (ETFs), according to many analysts. Eleven Bitcoin ETFs were granted regulatory approval in the US last month, accounting for around $1.65 billion up to today's trading.

Shares in Coinbase also rose dramatically today, up from yesterday by $17.95 (12.79%) to $158.34.