Expansion of Bitcoin in Business Commerce
The launch of Bitcoin exchange-traded funds (ETFs) in the United States has increased institutional investment in the global cryptocurrency market and intensified the upward price movement, which began in late 2023.
These funds, authorized in January 2024, brought the world's largest cryptocurrency, Bitcoin, to the traditional stock exchange and boosted digital transactions, especially in the first quarter. The cumulative trading volume exceeded $268.9 billion by May 22, 2024, according to the cryptocurrency industry information and news services company, The Block.
In the first three months of this year, Bitcoin's price saw a 44% increase, according to CoinMarketCap. The positive performance of the cryptocurrency with the largest global market capitalization is also reflected in other assets. Ethereum (ETH), the second largest cryptocurrency, rose by 28.7%, and Binance Coin (BNB) surged by nearly 88%. This movement highlights how institutional advancement, with recognized participation in one of the world's leading economies, solidifies digital currencies as an investment option.
