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.
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%…
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