In a not-so surprising flip of occasions, Bitcoin (BTC) has surged to new heights, breaking the $57,000 barrier through the early hours of Tuesday within the Asian market. This worth stage, not seen since November 2021, marks a major resurgence for the main cryptocurrency.
Bitcoin ETFs Experience Unprecedented Activity
Remarkably, the surge in Bitcoin’s price has triggered substantial exercise in US-based spot Bitcoin ETFs, excluding Grayscale’s GBTC. According to Bloomberg, these ETFs recorded a record-high $2.4 billion in buying and selling quantity on Monday. This surge in buying and selling exercise underscores the rising curiosity and involvement of institutional buyers within the cryptocurrency market.
As of the time of publication, bitcoin had barely decreased to $56,437, however it was nonetheless up about 10% from yesterday. Since the start of the yr, the worth of bitcoin has risen by greater than 30%, persevering with a protracted surge that has additionally spurred curiosity in smaller currencies like Ether and Solana, amongst speculators.
The demand for Bitcoin just isn’t confined to identify buying and selling alone; a considerable inflow of roughly $5.6 billion has poured into not too long ago launched Bitcoin ETFs within the US, which started buying and selling on January 11. This inflow of funding alerts a broadening curiosity in Bitcoin, extending past the standard base of digital asset lovers.
It’s official..the New Nine Bitcoin ETFs have damaged all time quantity document right now with $2.4b, simply barely beating Day One however about double their current every day common. $IBIT went wild accounting for $1.3b of it, breaking its document by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Bitcoin’s Rally Outshines Traditional Assets
Surprisingly, Bitcoin’s rally this yr has outpaced conventional property reminiscent of shares and gold. The ratio evaluating Bitcoin’s worth to that of the dear metallic has reached its highest stage in over two years, indicating a shifting desire amongst buyers in direction of digital property.
The total worth of digital property, together with numerous cryptocurrencies, now stands at a staggering $2.2 trillion, a considerable improve from the lows skilled through the bear market of 2022 when the market worth dipped to round $820 billion. This resurgence demonstrates the resilience and rising prominence of digital property within the monetary panorama.
BTCUSD buying and selling at $55,799 on the every day chart: TradingView.com
Contrary Market Indicators Fail To Deter Crypto Momentum
In an intriguing growth, regardless of an increase in US Treasury yields, which usually alerts expectations for tighter financial coverage, the bullish momentum within the cryptocurrency market stays resilient. Digital tokens like Bitcoin are experiencing notable upward actions, defying typical market indicators.
Fundstrat Global Advisors’ Head of Digital-Asset Strategy, Sean Farrell, famous in a current assertion that the “bullish momentum in crypto is unfolding despite an uptick in rates,” highlighting the distinctive dynamics influencing the cryptocurrency market.
MicroStrategy Boosts Corporate Bitcoin Holdings
In the midst of this ongoing rally, MicroStrategy, a notable enterprise software program agency acknowledged for incorporating Bitcoin into its company technique, has introduced a major addition to its cryptocurrency holdings.
The firm revealed that it had bought a further 3,000 Bitcoin tokens this month, bringing its complete Bitcoin holdings to roughly $10 billion. This strategic transfer by MicroStrategy highlights the rising acceptance of cryptocurrencies as a helpful asset by company entities.
Featured picture from, chart from TradingView
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