On Monday, a flood of capital brought Bitcoin inside striking distance of record values, sending it soaring to a two-year high and breaching past $68,000. At its peak, the worth was $68,800.
On the time of writing, Bitcoin was trading at $67,980, up 6.6% and 20.6% inside the every day and weekly timeframes, data from Coingecko shows.
In recent weeks, as investment in bitcoin funds listed within the US has increased dramatically, the value of an important cryptocurrency by market cap has increased by half this 12 months.
Bitcoin Heating Up
As an increasing number of individuals get concerned about and optimistic with reference to the market, Bitcoin’s incredible upward trajectory becomes clear in an intensive examination of the weekly chart.
The bitcoin price has recently surged, helped along partially by the adoption of spot Bitcoin ETFs, and is already approaching the all-time high of $69K, which the cryptocurrency attained in November 2021. It has already surpassed quite a number of vital resistance levels.
Bitcoin 24-hour price ascent. Source: Coingecko
Antoni Trenchev, co-founder of crypto exchange Nexo, stated that after the launch of those nine recent ETFs, major market movements no longer occur on weekends but somewhat throughout the regular trading week.
Trenchev also identified that today’s events could possibly be a repeat of last week’s, when bitcoin’s value increased by $10,000 in a matter of days.
The worth of bitcoin has soared this 12 months, and its market capitalization has already topped $1.3 trillion, making it considered one of the crucial essential assets on the planet.
BTCUSD trading at $66,887 on the 24-hour chart: TradingView.com
Essentially the most respected cryptocurrency on the planet, Bitcoin, has surpassed Meta Platforms (META), the parent company of Facebook, and is currently approaching silver’s market value of $1.4 trillion, according to figures provided by CompaniesMarketCap.
Greater than half of the $2.17 billion net flows into the very best ten US spot bitcoin funds inside the week leading as much as March 1 went into BlackRock’s iShares Bitcoin Trust (IBIT.O), opens recent tab, according to statistics from LSEG.
Ethereum, a smaller competitor, has capitalised on rumors that it, too, could soon offer exchange-traded funds that stimulate inflows. It’s up 50% year-to-date and reached two-year highs on Tuesday, rising 2.5% to $3,517.
Bitcoin Leads The Way
Concurrently, Bitcoin boosted many cryptocurrency tokens, particularly meme currencies. Dogecoin saw a 30% increase, and Shiba Inu had a 90% surge. Individuals who’ve been sitting on their hands throughout the present crypto rise are finally getting back into it, according to analysts. In line with crypto data source Kaiko, the weekly transaction volume of meme tokens climbed to its highest level since late 2021 last week.
#Bitcoin is about to enter price discovery (again) and individuals are in a roundabout way bearish?
couldn’t be me.
— Caleb Franzen (@CalebFranzen) March 4, 2024
Meanwhile, Cubic Analytics CEO Caleb Franzen made the statement in a Sunday report that Bitcoin is thrashing the tech-heavy Nasdaq 100 Index (NDX). Breaking over a critical level connecting the first quarter and end quarter of 2021 highs, he characterised bitcoin’s breakout versus NDX as “very encouraging.”
“Bitcoin is about to enter price discovery (again) and individuals are in a roundabout way bearish? Couldn’t be me,” he said in an X post Monday.
Joel Kruger, a market strategist at digital currency exchange LMAX Group, told CBS MoneyWatch that investors are seeing some great benefits of treating bitcoin as an uncorrelated asset, which makes it very appealing for portfolio diversification.
Featured image from P2E Crypto Media, chart from TradingView
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