At the close of markets on February 26, 2024, Bitcoin was worth more than $57,000. It was the highest in the preceding two years. To be more precise, November 2021 was the last time BTC was at that level. But the rise only lasted a short while before plunging to $56,000. Experts claimed that both institutional and retail engagement, as well as recent ETF inflows, are responsible for the increase.
The preceding week alone saw an inflow of $570 million, bringing the amount for the year to date to about $5.6 billion. Regarding the investment in digital assets, the inflow was $598 million the week before.
The spike was attributed by BitSave CEO Zakhil Suresh to the Spot Bitcoin ETF and the impending Bitcoin Halving. Suresh went on to say that even though there was a market drop just after Spot Bitcoin ETF applications were approved, the resistance level of less than $40,000 was still in line with the 100-day Moving Average. With $39.40 billion in AUM, or assets under management, Bitcoin has surpassed silver to become the second-largest ETF commodity, he added. As of the most recent data, silver’s AUM was $11.5 billion.
The milestone of $60,000 is the next goal for Bitcoin. At $56,455.48, BTC is presently trading hands, up 9.62% over the previous day. According to price predictions, bitcoin is expected to conclude the year at roughly $69,000. That will eventually allow the token to go a little bit closer to the $100k target.
Chris Newhouse, a Cumberland Labs DeFi analyst, spoke with reporters. They claimed that following a week of consolidation, momentum traders were taking positions and the token was rapidly approaching the annual high due to the increase in spot demand. Chris also mentioned that the open interest in perpetual Bitcoin futures is rising.
MicroStrategy is still investing in Bitcoin. As of the most recent report, the company had $155.4 million worth of extra tokens. This corresponds to about 3,000 tokens, bringing its total Bitcoin holdings to $10 billion. Its shares had a 14% gain in value after the same statement.
Bitcoin has increased by 35.07% over the last 30 days and by 8.49% over the last seven. The volume over a 24-hour period has increased by 233.53%. Over the past 24 hours, ETH has also increased by 4%. At the time of writing this post, its valuation had increased to $3,233.48 as a result.
The halving of Bitcoin might give the cryptocurrency more traction. Another crucial moment for the market and cryptocurrency aficionados would be if Spot Ether ETF applications finally saw the light of day.
