After practically two weeks of hiatus, the world’s largest cryptocurrency Bitcoin (BTC) smashed previous $57,000 earlier immediately in a large breakout. As of press time, the Bitcoin worth is up 9.62% buying and selling at $56,486 with its market cap crossing $1.1 trillion for the primary time since 2021.
BTC Decouples from S&P 500
The large surge within the Bitcoin worth comes on the day when the S&P 500 was buying and selling in damaging territory. On Monday, February 26, the S&P 500 ended 0.5% within the damaging whereas Bitcoin recorded an upward trajectory with a staggering 10% acquire.
This clearly reveals that BTC and the broader crypto markets are shedding their reliance on equities. Throughout historical past, an absence of serious correlation between cryptocurrency markets and inventory markets has paved the way in which for probably the most substantial bull runs for Bitcoin (BTC) and altcoins.
Bitcoin has demonstrated superior efficiency in contrast to conventional property resembling shares and gold within the present yr. The ratio evaluating Bitcoin’s worth to that of the dear steel has reached its highest stage in over two years. Since the start of the yr, Bitcoin’s worth has surged by 33%, persevering with a sustained upward pattern that has additionally fueled curiosity in altcoins like Ether and BNB.
Bitcoin ETFs Set New Records
Since January 11, a complete of $5.6 billion has flowed into a number of vital Bitcoin ETFs launched within the US, indicating an increasing curiosity within the token past devoted digital asset fans. The forthcoming discount in BTC’s provide development, often called the Bitcoin halving, additional contributes to the constructive sentiment surrounding the cryptocurrency.
On Monday, the 9 BTC ETFs mixed recorded an all-time new excessive of $2.4 billion in buying and selling volumes. Of these BlackRock’s IBIT alone recorded over $1 billion in buying and selling volumes.
It’s official..the New Nine Bitcoin ETFs have damaged all time quantity file immediately with $2.4b, simply barely beating Day One however about double their latest each day common. $IBIT went wild accounting for $1.3b of it, breaking its file by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Furthermore, Grayscale’s GBTC recorded its lowest outflows thus far at $22.4 million. This reveals the huge inflow of institutional capital into Bitcoin ETFs even when the macros look a bit unsure.
On Monday, enterprise intelligence agency MicroStrategy introduced the acquisition of roughly 3,000 extra tokens this month. With this newest buy, the corporate’s Bitcoin holdings now quantity to round $10 billion.
On the opposite hand, whale shopping for has continued in a powerful method all through the final month. More than 150 new addresses, every holding greater than 1,000 BTC have been created during the last month.
#Bitcoin whales are going parabolic! In simply the final month, over 150 new #BTC addresses, every holding greater than 1,000 $BTC, have been created. pic.twitter.com/3lox2KrPcm
— Ali (@ali_charts) February 26, 2024
BTC comfortably maintained positions above each the 50-day and 200-day EMAs, confirming bullish market indicators. A breakthrough past the $57,000 resistance threshold would bolster a possible ascent in the direction of $60,000. The focus stays on BTC-spot ETF market circulation information.
Conversely, slipping under the $55,000 mark would deliver the $53,000 assist stage into consideration. With a 14-Daily RSI studying of 80.05, BTC finds itself in overbought territory. Increased promoting strain may very well be anticipated close to the $57,000 resistance stage.
The introduced content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
