Bitcoin Breaks Records, Surpasses $68,000
Bitcoin reached new heights on Monday as it approached its all-time high and breached past $68,000. At its peak, the price of Bitcoin was $68,800. Currently, Bitcoin is trading at $67,980, showing a 6.6% increase in the daily timeframe and a 20.6% increase in the weekly timeframe.
The surge in Bitcoin’s value can be attributed to the increased investment in bitcoin funds listed in the United States. This year alone, the value of Bitcoin has increased by half.
Bitcoin’s Incredible Upward Trajectory
As more people show interest in and optimism about the market, Bitcoin’s upward trajectory becomes more evident when examining the weekly chart.
The recent surge in the bitcoin price can be attributed to the adoption of spot Bitcoin ETFs. The price is already approaching its all-time high of $69,000 achieved in November 2021 and has surpassed several important resistance levels.
Antoni Trenchev, co-founder of crypto exchange Nexo, noted that major market movements now occur during regular trading weeks rather than on weekends. He also pointed out that today’s events could be similar to last week when bitcoin’s value increased by $10,000 in just a few days.
Bitcoin’s market capitalization has exceeded $1.3 trillion, making it one of the largest assets globally. It has even surpassed Meta Platforms (META), the parent company of Facebook, and is approaching silver’s market value of $1.4 trillion.
In terms of inflows into US spot bitcoin funds, more than half of the $2.17 billion net flows went into BlackRock’s iShares Bitcoin Trust (IBIT.O) in the week leading up to March 1.
Another competitor, Ethereum, has also seen significant growth. There are rumors that it may soon offer exchange-traded funds, which has stimulated inflows. Ethereum is up 50% year-to-date and reached two-year highs on Tuesday, reaching $3,517.
Bitcoin’s Influence on Other Cryptocurrencies
Bitcoin’s surge has also impacted other cryptocurrencies, particularly meme currencies. Dogecoin saw a 30% increase in value, while Shiba Inu experienced a 90% surge. Analysts note that people who have been hesitant to invest in cryptocurrencies are now jumping back into the market. The weekly transaction volume of meme tokens reached its highest level since late 2021 last week.
Cubic Analytics CEO Caleb Franzen highlighted that Bitcoin is outperforming the tech-heavy Nasdaq 100 Index (NDX). Franzen characterized Bitcoin’s breakout versus NDX as “very encouraging” after it broke over a critical level connecting the first quarter and end quarter of 2021 highs.
Market strategist Joel Kruger from digital currency exchange LMAX Group emphasized that investors are recognizing the benefits of treating Bitcoin as an uncorrelated asset, making it an appealing option for portfolio diversification.
Hot Take: Bitcoin Continues to Soar
Bitcoin’s recent record-breaking performance and its approach towards its all-time high have captivated the crypto market. With increased investment and adoption of spot Bitcoin ETFs, Bitcoin’s incredible upward trajectory is clear. As Bitcoin leads the way, other cryptocurrencies like Ethereum and meme currencies have also experienced significant growth. This surge in value has attracted more investors and reinvigorated the market. Bitcoin’s influence on the market extends beyond cryptocurrencies, as it outperforms traditional indices like the Nasdaq 100. Overall, Bitcoin’s continued success and its potential for further growth make it an exciting time for crypto enthusiasts.
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