bitcoin BTC
+9.44%
The price surged more than 10% to a record high of $56,740 at one stage on Tuesday morning Asian time, the highest since November 2021, according to . The Block’s Pricing Page.
“The main reason for this surge can be attributed to Bitcoin spot ETF trading volume, which reached a new high of $2.4 billion on February 26, further boosting US investor confidence in this asset class.” Lucy Hu, senior analyst at Metalpha, told The Block.
Ethereum was trading at $3,234 at 10:30 a.m. in Hong Kong, up 4.7% over the past 24 hours, according to data from The Block. that much GMCI 30 Indexwhich measures the performance of the top 30 cryptocurrencies, rose 6% in 24 hours to 122.05.
Justin d’Anethan, head of APAC business development at cryptocurrency marketplace maker Keyrock, said that while this is a long-term development, “we are seeing an inexorable rise in assets with supply fixed and hard-coded relative to inflation.” “Fiat currency.”
“Supply is so high that it will be halved in a few months, but the demand fueled by US spot ETFs seems to be relentless,” d’Anethan added.
Nine new spot Bitcoin exchange-traded funds, excluding Grayscale’s convertible fund Highest daily combined trading volume ever 2.4 billion during Monday’s trading session. Keyrock’s d’Anethan pointed to the potential for traditional investors looking to take short-term profits from MicroStrategy. Earn an additional 3,000 BTC.
D’Anethan told The Block that while enthusiasm for the Bitcoin ecosystem is growing, macro markets are “relatively underperforming.”
“There is clear enthusiasm for ETH, which broke above $3,200 in Asia this morning on the back of the BTC rally, but there also appears to be some anticipation for its own spot ETF later this year.”
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