- Bitcoin hit a two-year high surpassing $68,600, approaching the all-time high of $69,000.99 in November 2021, driven by investment flows into U.S. Bitcoin exchange-traded funds, reflecting a 50% increase this year.
- The approval of U.S. Bitcoin exchange-traded funds has attracted major new investors, reviving market enthusiasm and momentum, with $2.17 billion entering the top 10 funds in the week to March 1.
Bitcoin recently crossed the $68,000 threshold, edging closer to its November 2021 high near $69,000. Moreover, as ETHNews has earlier indicated, it’s now contending with the silver market, with its market capitalization nearing $1.4 trillion.
But wait, there’s more: Ether is not far behind and has reached its highest price since January 2022, surpassing $3,600. Impressive, right? But what’s driving this phenomenon?
$7.9 BILLION NET INFLOWS
– #Bitcoin ETFs bounced back strongly yesterday
– GBTC sales slowed (presumably Genesis liquidation)
– HUGE day by Fidelity and BlackRock with +$400m each. pic.twitter.com/r0RQeuoCZa— Bitcoin Archive (@BTC_Archive) March 5, 2024
BlackRock is no stranger to the news these days
Its Bitcoin ETF has reportedly experienced astronomical trading volume, surpassing $2 billion before the market closed. Such a move not only demonstrates the growing institutional acceptance and demand for cryptocurrencies, but also signals an insatiable interest from investors. Could this be the beginning of a new era for crypto investments?
In addition, according to reports from ETHNews, last week, Bitcoin-focused products experienced “substantial inflows” of $1.73 billion, marking their second highest performance to date. ETH-focused funds followed closely, with $85 million in net inflows.
The forecasts could not be more encouraging
Now, with the wind at its back, some experts suggest that seeing Bitcoin breaking the $80,000 barrier is not just a dream. Incredible, right? But here comes the million-dollar question: is this sustainable? Following reports from ETHNews, the outlook for cryptocurrencies has never been more promising.
The current price of Bitcoin (BTC) is approximately 69,000 USD
Bitcoin’s current market capitalization is approximately 1.32 trillion USD, with a 24-hour trading volume of around 77.33 billion USD.
