On Monday, a flood of capital pushed Bitcoin to near record values, surging to its highest level in two years and surpassing $68,000. The highest price was $68,800.
At the time of writing, Bitcoin was trading at $67,980, up 6.6% and 20.6% over the daily and weekly periods, according to data from Coingecko.
Investment in U.S.-listed Bitcoin funds has surged in recent weeks, causing the value of the largest cryptocurrency by market capitalization to increase by nearly half this year.
bitcoin heating
As more and more people become interested and optimistic about the market, a thorough look at the weekly charts becomes clear about Bitcoin’s incredible upward trajectory.
The price of Bitcoin has surged recently, helped in part by the adoption of spot Bitcoin ETFs, and is already approaching the all-time high of $69,000 that the cryptocurrency achieved in November 2021. A number of important resistance levels have already been crossed.
Bitcoin 24-hour price ascent. Source: Coingecko
Antoni Trenchev, co-founder of cryptocurrency exchange Nexo, said that after the launch of these nine new ETFs, major market movements no longer occur on weekends but during the regular trading week.
Trenchev also pointed out that today’s events could be a repeat of last week’s events, when the value of Bitcoin increased by $10,000 in a matter of days.
Bitcoin prices have soared this year, and its market capitalization has already surpassed $1.3 trillion, making it one of the world’s largest assets.
BTCUSD trading at $66,887 on the 24-hour chart: TradingView.com
Bitcoin, the world’s most valuable cryptocurrency, has surpassed Facebook’s parent company Meta Platforms (META) and is now approaching silver’s market value of $1.4 trillion, according to figures provided by CompaniesMarketCap.
Of the $2.17 billion net inflows into the top 10 U.S. spot bitcoin funds in the week ending March 1, more than half went into BlackRock’s iShares Bitcoin Trust (IBIT.O), according to statistics from LSEG, a new tab shows. It opens.
Smaller rival Ethereum has also capitalized on rumors that it may soon offer an exchange-traded fund to boost inflows. It is up 50% since the beginning of the year and hit a two-year high on Tuesday, up 2.5% to $3,517.
Bitcoin is leading the way.
At the same time, Bitcoin has given rise to many cryptocurrency tokens, especially meme currencies. Dogecoin rose 30% and Shiba Inu surged 90%. According to analysts, those who sat back during the current cryptocurrency rally are finally coming back. Weekly trading volume for meme tokens rose last week to its highest level since late 2021, according to cryptocurrency data source Kaiko.
#Bitcoin Are people feeling a little bearish now that price discovery is about to start (again)?
It can’t be me.
— Caleb Franzen (@CalebFranzen) March 4, 2024
Meanwhile, Cubic Analytics CEO Caleb Franzen observed in a report on Sunday that Bitcoin beat the tech-heavy Nasdaq 100 Index (NDX). He described Bitcoin’s breakout against the NDX as “very encouraging” as it broke the critical level linking the first and fourth quarter highs of 2021.
“Bitcoin is about to enter price discovery (again), but people are somehow bearish? It can’t be me,” he said in an X post on Monday.
Joel Kruger, market strategist at digital currency exchange LMAX Group, told CBS MoneyWatch that investors see the benefits of treating Bitcoin as an uncorrelated asset, making it very attractive for portfolio diversification.
Featured image by P2E Crypto Media, chart by TradingView
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