The dominant cryptocurrency, Bitcoin (BTC), has established a new pinnacle, surpassing its prior all-time high set on November 10, 2021. Moreover, Bitcoin surged since the ETFs were approved. The price of the digital asset has skyrocketed by over 58% in the previous month, and around 300% since the beginning of 2023.
The price of Bitcoin has surged to a new all-time high, exceeding $69,000. This noteworthy financial feat was initially achieved on November 10, 2021, and the recent resurgence in value underscores the burgeoning investor enthusiasm and faith in BTC as a preeminent digital asset. Market analysts attribute this impressive upswing to the substantial buying activity spurred by the introduction of novel U.S.-based exchange-traded funds (ETFs) specifically focused on BTC, highlighting a pivotal juncture in the cryptocurrency’s market dynamics.
Bitcoin is climbing to new heights with boost from ETFs
The introduction of spot BTC-ETFs in the United States on Jan 11th has acted as a primary catalyst behind the cryptocurrency’s remarkable price surge. Launching at a price point of around $45,000, BTC initially encountered volatility with a dip to the $39,000 range, attributed to a common market reaction known as “selling the news.” However, the digital currency swiftly regained momentum, soaring above $50,000 by mid-February. This rally was not merely a temporary spike; following a period of consolidation around $51,000, Bitcoin’s value once again catapulted, firmly establishing its new peak.
Predictions for the Future
Bitcoin BTC is anticipated to reach a new all-time high before the conclusion of the week, according to Markus Thielen, research director at 10x. “Weekend price activity is invariably significant to monitor, and although attempts have been made to eliminate leveraged long positions, there are no sellers,” stated Thielen in a note titled, “Everybody Will Be Astonished by Bitcoin’s Price Action This Week.” The cryptocurrency attained a record in euro terms on Monday and was trading at around $66,839 at press time on Tuesday, less than 3% shy of its all-time dollar peak of $69,000, touched in November 2021.
🚀 Traders are asking: When Will Bitcoin Hit 100,000 ???
👇1-10) This is still a monster Bitcoin rally. But this rally has not been unprecedented. Everybody who understands the history of Bitcoin will have expected this. We were at the forefront of this rally.
👇2-10) Many have… pic.twitter.com/ECIz1REAtb
— 10x Research (@10x_Research) March 5, 2024
The broader CoinDesk 20 Index (CD20) was up by 4.7%. According to Laurent Kssis, a crypto ETP specialist at CEC Capital, another upswing could be on the horizon. Meanwhile, the buying pressure appears robust from individual investors, who perceive the recent inflows into spot bitcoin exchange-traded funds (ETFs) as a crucial momentum phase. “Inflows are still highly supportive and not quite yet over, which could potentially continue to push the price upwards in the cryptocurrency markets,” he said.
