Bitcoin’s frenzied activity as March began saw it post its biggest monthly increase in nearly three years early Thursday. Money is pouring into listed Bitcoin funds, generating huge profits, and Bitcoin is now on the verge of a record high.
Source: Coingecko
Investor enthusiasm as Bitcoin expected to recoup $64,000
The major cryptocurrency rose as much as 14% late Wednesday, temporarily reaching $64,000. This is the first time it has surpassed $60,000 since November 2021. Afterwards, some of the gains were reversed.
According to data from Coingecko, BTC was trading at $62,540 at the time of this writing.
The “fear of missing out” on potential price increases is driving investors to buy cryptocurrencies, bringing back memories of the cryptocurrency bull market that drove major crypto assets to all-time highs of around $69,000 in November 2021. It evokes.
Since the beginning of the year, Bitcoin’s value has more than tripled, recovering from a 64% drop in 2022. This is a remarkable recovery from numerous scandals and bankruptcies that have questioned the sustainability of digital assets.
Meanwhile, rapid changes in prices are whipping both bulls and bears. According to CoinGlass, on centralized exchanges, short-term liquidation reached $176 million and long-term liquidation reached $86.1 million compared to the previous day.
Bitcoin market cap currently at $1.22 trillion. Chart: TradingView.com
Crypto Rising
Investors lost interest in spot Bitcoin exchange-traded funds after prices plummeted during the “crypto winter” of 2022. However, the approval this year and the introduction of these funds into the US market have reignited interest in cryptocurrencies.
The top 10 spot Bitcoin ETFs saw $420 million in inflows on Wednesday alone, the highest amount in nearly two weeks, according to LSEG statistics. The voltage increased when three of the best known – operated by Grayscale, Fidelity and BlackRock (IBIT.O) – sparked a whole new wave of interest.
More traders are now flocking to Bitcoin because April’s halving event, held every four years, halves the speed of token creation and the prize money paid out to miners.
Source: Alernative.me
expert opinion
“Bitcoin optimism is fueled by factors such as inflows into spot BTC ETFs, a decline in new issuance due to the impending halving, and renewed confidence in the cryptocurrency asset class,” said Jonathon Miller, managing director of Kraken Australia.
“When people see this kind of increase in a short period of time… . . Then you attract people and Fomo takes off,” said Timo Lehes, co-founder of blockchain company Swarm.
“It’s just crazy.”
“The all-time high could be broken at any moment now,” said Simon Peters, an analyst at trading firm eToro. “The driving force behind it is undoubtedly the (Bitcoin Fund).”
New ATH this March?
Cryptocurrency markets remain dynamic and full of anticipation, as Bitcoin experienced a brief but noticeable swing back to $62,000 after reaching $64,000. Investors and enthusiasts are closely watching price movements, speculating on the possibility of a new all-time high (ATH) in March.
Featured image from Pexels, chart from TradingView
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