A Crypto Market Frenzy: Bitcoin Surges and Bull Market Habits Return
A crypto market already ascendant was whipped into a full frenzy this week, bringing many old bull market habits and signals back to Crypto Twitter.
The madness was already in full swing in the first half of the week, when Bitcoin began accelerating at an astonishing pace not seen in years. Within days, the world’s top cryptocurrency surged from just north of $50,000 to almost $64,000 (before settling back down a bit to $61,885 at writing).
At certain points on Monday and Wednesday, the token repeatedly shot up multiple percentage points within minutes, astonishing onlookers.
By the time BTC approached $64,000 on Wednesday—just $5,000 short of the token’s all-time high from November 2021—Crypto Twitter was a maelstrom of giddy anticipation. With weeks still remaining until the hotly anticipated Bitcoin halving in April—an event many expect will send BTC even higher—the potential for the token’s near-term potential seemed simply mind-boggling.
Mainstream Interest Grows as Bitcoin ETFs Continue to Soak Up Supply
Numerous die-hard crypto bear market veterans observed that within a matter of days, the industry was already starting to look different. Some observed that their non-crypto friends had started taking notice of the blooming market. Others noticed more signals that the mainstream was beginning to reevaluate crypto, a telltale indication of impending bull market insanity.
One such signal of the phenomenal mainstream interest shifting to Bitcoin came via the revelation that now, over 4% of all Bitcoin in circulation has been swallowed up by spot Bitcoin ETFs—and that figure is only getting bigger.
Yet another sign that bull market fever has solidly set in came in the middle of the week, when Coinbase crashed for many users during the height of Bitcoin’s frenzied ascent. Due to an internal glitch, scores of Coinbase customers reported seeing their account balances appear to be zero before the problem was resolved.
Coinbase CEO Brian Armstrong later announced that the crash was due to a spike in traffic for the app, caused by BTC’s spring exceeding 10 times normal levels.
The Return of Bull Market Chaos: Embracing the Beautiful Mess
But instead of expressing frustration, many crypto users embraced the chaos from the incident—as yet another sign from above that the beautiful mess of the bull market was back.
Hot Take: The Crypto Rollercoaster Continues
A crypto market frenzy gripped investors this week as Bitcoin surged to new heights. The rapid acceleration saw Bitcoin’s price soar from just above $50,000 to almost $64,000 within days—a level not seen since November 2021. The astonishing speed at which Bitcoin shot up left onlookers amazed and fueled anticipation for further gains. This surge comes ahead of the highly anticipated Bitcoin halving event in April, which many believe will push prices even higher.
The surge in Bitcoin’s price has attracted mainstream attention, with non-crypto friends taking notice and reevaluating their stance on cryptocurrency. Spot Bitcoin ETFs have played a significant role in this shift, with over 4% of all circulating Bitcoin now held by these ETFs. The growing interest has also led to some hiccups, such as Coinbase crashing during peak trading due to increased traffic caused by Bitcoin’s meteoric rise.
Despite these challenges, crypto enthusiasts have embraced the chaos as a sign that the bull market is back. The return of old bull market habits and signals has further fueled excitement and anticipation for the future of crypto.
By
By
By
By
By