On Monday, an avalanche of capital brought bitcoin within striking distance of record values, lifting it to a two-year high andtechnology/bitcoin-bounces-beyond-64000-records-beckon-2024-03-04/” target=”_blank” rel=”nofollow”> exceeding $68,000. At its peak, the price was $68,800.
At the time of writingbitcoin was trading at $67,980. up to 6.6% and 20.6% in the daily and weekly periods, Coingecko data shows.
In recent weeks, as investment in US-listed bitcoin funds has risen sharply, the value of the largest cryptocurrency by market capitalization has risen by half this year.
bitcoin heats up
As more and more people become interested and optimistic about the market, bitcoin's incredible upward trajectory becomes clear on a close examination of the weekly chart.
The price of bitcoin has risen recently, helped in part by the adoption ofbitcoin-price-stock-cryptocurrency-etf-approval/” target=”_blank” rel=”nofollow”> detect bitcoin ETF, and is already approaching the all-time high of $69,000, which the cryptocurrency reached in November 2021. It has already broken through numerous major resistance levels.
bitcoin 24-hour price ascent. Source: bitcoin" target="_blank" rel="nofollow">Coingecko
Antoni Trenchev, co-founder of the Nexo crypto exchange, stated that after the launch of these nine new ETFs, the main market movements no longer occur on weekends, but during the usual trading week.
Trenchev also noted that today's events could be a repeat of last week, when the value of bitcoin increased by $10,000 in a matter of days.
The price of bitcoin has skyrocketed this year and its market capitalization has already exceeded $1.3 trillion, making it one of the largest assets in the world.
BTCUSD trading at $66,887 on the 24-hour chart: TradingView.com
The world's most valuable cryptocurrency, bitcoin, has surpassed Meta Platforms (META), Facebook's parent company, and is currently approaching silver's market value of $1.4 trillion, according to figures provided by CompaniesMarketCap.
More than half of the $2.17 billion net flows into the top ten U.S. bitcoin spot funds in the week to March 1 went to BlackRock's iShares bitcoin Trust (IBIT.O), opens in a new tab, according to LSEG statistics.
ethereum, a smaller competitor, has seized on rumors that it could also soon offer exchange-traded funds that spur inflows. It is up 50% so far this year and hit two-year highs on Tuesday, rising 2.5% to $3,517.
bitcoin leads the way
At the same time, bitcoin boosted many cryptocurrency tokens, particularly meme coins. Dogecoin saw a 30% increase and Shiba Inu saw a 90% increase. According to analysts, people who have been sitting on their hands during the current cryptocurrency surge are finally doing so again. According to crypto data source Kaiko, weekly meme token trading volume rose to its highest level since late 2021 last week.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin is about to enter price discovery (again) and people are somehow bearish?
It couldn't be me.
– Caleb Franzen (@CalebFranzen) March 4, 2024
Meanwhile, Cubic Analytics CEO Caleb Franzen made the observation in a Sunday report that bitcoin is outperforming the tech-heavy Nasdaq 100 Index (NDX). Breaking past a critical level connecting the highs of the first quarter and the end of the 2021 quarter, he characterized bitcoin's breakout against NDX as “very encouraging.”
“Is bitcoin about to enter price discovery (again) and people are somehow bearish?” It couldn’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 are seeing 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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