- 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
![BTC_1M_graph_coinmarketcap](https://www.ethnews.com/wp-content/uploads/2024/03/BTC_1M_graph_coinmarketcap.png)
Bitcoin’s current market capitalization is approximately 1.32 trillion USD, with a 24-hour trading volume of around 77.33 billion USD.