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Bitcoin market cap approaches silver with latest rally

SEC approval of ETFs and safe-haven demand among factors spurring rise

Bitcoin's share of the entire crypto market currently sits at close to 54%. (Photo by Wataru Ito)

TOKYO -- With bitcoin prices touching a new high on Tuesday, its market capitalization of over $1.35 trillion approached that of silver as investments flow in due to policy-driven factors, demand as a safe-haven asset and wider adoption of the cryptocurrency.

Bitcoin prices reached $69,045 on Tuesday, up more than 3% from the previous day, breaking the record high of $68,990 set in November 2021, according to research firm CoinDesk. Prices fell after that due to profit-taking before rebounding again somewhat, hovering around $66,000 on Wednesday morning in New York.

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