Bitcoin has increased by 22% to $52,005 this year, surpassing the $1 trillion market cap for the first time since its historic peak in late 2021.

The larger cryptocurrency market, which currently stands at over $2 trillion, has benefited from U.S. regulatory approval of spot bitcoin exchange-traded funds (ETFs), including those from Fidelity and BlackRock.

The industry has benefited from the U.S. spot ETFs’ gains, with 60,000 bitcoin gained in the first month of their inception.

Spot trading volumes on centralized exchanges increased 4.4% to $1.4 trillion in January, marking the highest level since June 2022 and the fourth consecutive month of gain.

Coinbase Global opened a new tab last week after posting its first quarterly profit in two years.

However, there are indications that investors driven by FOMO are driving the market, with the Crypto dread & greed Index from CoinGlass at 72.