Bitcoin Surges Towards Record High, Investors Rush to Buy
In a blazing start to March, the feverish activity of Bitcoin has set it up for its largest monthly increase in almost three years early Thursday. Money pouring into listed bitcoin funds is fueling a huge gain, and bitcoin is now just a stoneโs throw away from a record high.
Bitcoinโs Rise and Current Trading Price
The primary cryptocurrency rose as much as 14% late Wednesday to momentarily reach $64,000 โ its first move above $60,000 since November 2021 โ before reversing part of the gains. BTC was trading at $62,540 as of this writing, according to data from Coingecko.
Investor Frenzy and Fear of Missing Out (FOMO)
Due to โfear of missing outโ on potential price increases, investors are rushing to buy cryptocurrencies, which brings back memories of the crypto bull market that drove the main cryptocurrency asset to a record high of around $69,000 in November 2021. Since the beginning of the year, the value of bitcoin has more than tripled, recovering from a 64% decline in 2022.
Impact on Bulls and Bears
The sudden changes in price have been whipsawing both bulls and bears. According to CoinGlass, centralized exchanges had short liquidations of $176 million and long liquidations of $86.1 million over the previous day.
Expert Opinions on Bitcoin Optimism
โBitcoin optimism is fueled by factors like spot BTC ETF inflows, the imminent halving reducing new issuance, and renewed confidence in the crypto asset class,โ according to Jonathon Miller, managing director at Kraken Australia. Timo Lehes, co-founder of blockchain company Swarm, believes that the rapid price increases draw people in due to FOMO. Simon Peters, an analyst at trading firm eToro, predicts that the all-time high could be broken any day now, with bitcoin funds driving the driving force behind it.
Potential for a New All-Time High (ATH) in March
As Bitcoin experiences brief but notable fluctuations, reaching $64,000 before retracing to the $62,000 mark, the cryptocurrency market remains dynamic and full of anticipation. Investors and enthusiasts are closely monitoring the price movements, speculating on the possibility of a new all-time high (ATH) in March.
Hot Take: Bitcoinโs Surge Continues Amidst Investor Frenzy
In a stunning turn of events, Bitcoin has surged towards a record high, attracting a frenzy of investors eager to capitalize on its upward trajectory. The cryptocurrencyโs remarkable performance in March positions it for its largest monthly increase in almost three years. With money pouring into listed bitcoin funds, Bitcoin is inching closer to breaking its previous record and reaching a new all-time high.
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