#BTCOutlook

Bitcoin (BTC) Overview – December 2024

Bitcoin continues to maintain its position as the largest cryptocurrency, with a strong performance in 2024. Here is a breakdown of its current status and future prospects:

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Current Market Overview

Price: ~$96,470

Market Cap: ~$1.91 Trillion

24-hour Volume: ~$50.15 Billion

Circulating Supply: 19.80 Million BTC (close to the 21 Million cap).

YTD Growth: +119% increase in value.

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Key Performance Drivers of Bitcoin

1. Institutional Interest:

Investors and large centers have increased their Bitcoin holdings, contributing to price stability and growth.

Bitcoin ETFs have gained momentum globally, attracting traditional investors.

2. Scarcity:

With only about 2.2 million BTC left to be mined, scarcity plays a major role in driving demand.

The Bitcoin halving event in 2024 (scheduled for around April) is expected to reduce mining rewards, which could boost the price.

3. Macroeconomic factors:

Concerns about inflation and currency devaluation have pushed investors towards Bitcoin as a hedge.

Regulatory clarity in major markets has helped improve sentiment.