Bitcoin On The Brink, Price Soars Above $68,000 – Will BTC Break Its 2021 Record?
March 05 2024 - 12:28AM
NEWSBTC
On Monday, a flood of capital brought Bitcoin within striking
distance of record values, sending it soaring to a two-year high
and breaching past $68,000. At its peak, the price was $68,800. At
the time of writing, Bitcoin was trading at $67,980, up 6.6% and
20.6% in the daily and weekly timeframes, data from Coingecko
shows. Related Reading: FLOKI Grows Over 300% As Memecoin Breaches
$400 Million TVL – Details In recent weeks, as investment in
bitcoin funds listed in the United States has increased
dramatically, the value of the biggest cryptocurrency by market cap
has increased by half this year. Bitcoin Heating Up As more and
more people get interested in and optimistic about the market,
Bitcoin’s incredible upward trajectory becomes clear in a thorough
examination of the weekly chart. The bitcoin price has recently
surged, helped along in part 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
numerous important resistance levels. Bitcoin 24-hour price ascent.
Source: Coingecko Antoni Trenchev, co-founder of crypto exchange
Nexo, stated that after the launch of these nine new ETFs, major
market movements no longer occur on weekends but rather during the
regular trading week. Trenchev also pointed out that today’s
events could be a repeat of last week’s, when bitcoin’s value
increased by $10,000 in a matter of days. The price of bitcoin has
soared this year, and its market capitalization has already topped
$1.3 trillion, making it one of the biggest assets in the world.
BTCUSD trading at $66,887 on the 24-hour chart: TradingView.com The
most valuable cryptocurrency in the world, 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. More than half
of the $2.17 billion net flows into the top ten US spot bitcoin
funds in the week leading up to March 1 went into BlackRock’s
iShares Bitcoin Trust (IBIT.O), opens new 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 is up 50%
year-to-date and reached two-year highs on Tuesday, rising 2.5% to
$3,517. Bitcoin Leads The Way Simultaneously, Bitcoin boosted many
cryptocurrency tokens, particularly meme currencies. Dogecoin saw a
30% increase, and Shiba Inu had a 90% surge. People who have been
sitting on their hands during the current crypto rise are finally
getting back into it, according to analysts. According to 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 people are somehow
bearish? 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 beating the
tech-heavy Nasdaq 100 Index (NDX). Breaking over a critical level
connecting the first quarter and end quarter of 2021 highs, he
characterized bitcoin’s breakout versus NDX as “very encouraging.”
Related Reading: Solana Meme Coin Dogwifhat (WIF) Hits New ATH,
Market Cap Breaks $1.6 Billion “Bitcoin is about to enter price
discovery (again) and people are somehow 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 the 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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