/ Bitcoin touches $61K, surging 6.84% in 24hrs. ETF inflows and upcoming halving drive momentum. Eyes set on $69K, nearing all-time highs.
Author: Nilesh Hembade.
Date: 28 Feb 2024, 20:20 PM IST
In a remarkable turn of events, the cryptocurrency market has witnessed Bitcoin (BTC) soaring past the $61,000 threshold for the first time in over two years, marking a significant milestone since November 2021. As of the latest update at 20:34 PM IST, the price of one Bitcoin stands at $61,003, reflecting a remarkable surge of 6.86% within the last 24 hours alone. Notably, this surge follows a swift ascent from $42,000 to $61,000 within a mere two months in 2024.
The primary factor driving this surge appears to be the substantial influx of capital into Bitcoin through SPOT Exchange-Traded Funds (ETFs). Furthermore, anticipation surrounding the upcoming halving event, slated to occur in 52 days, has also contributed to the bullish sentiment pervading the market.
Major Bitcoin exchange-traded funds (ETFs), including those operated by Grayscale, Fidelity, and BlackRock (IBIT.O), have experienced a notable uptick in trading volumes this week. This surge in interest underscores the growing institutional adoption of Bitcoin as a viable asset class.
This surge in Bitcoin’s price has propelled the total value of all Bitcoin in circulation to surpass $2 trillion this month, marking a significant milestone not witnessed in the past two years, according to data from crypto platform CoinGecko. Remarkably, Bitcoin’s price has doubled within a span of just four months, underscoring its enduring appeal and resilience within the financial market.
With Bitcoin breaching the $60,000 mark, investors are eagerly eyeing the cryptocurrency’s trajectory as it sets its sights on reclaiming its historical peak around $69,000. This latest milestone not only underscores Bitcoin’s resurgent momentum but also reaffirms its status as a formidable player in the realm of digital assets, poised to chart new highs in the days to come.