In a blazing start to March, Bitcoin’s feverish activity early Thursday fueled its biggest monthly gain in nearly three years. The money poured into publicly traded bitcoin funds is driving huge profits, and bitcoin is now just a stone’s throw away from an all-time high.
Source: Coingecko
Investor frenzy as Bitcoin seeks to reclaim $64,000
The primary cryptocurrency rose as much as 14% to temporarily late Wednesday Reach $64,000 – the first move above $60,000 since November 2021 – before some of the gains are reversed.
BTC was trading at $62,540 at the time of writing, according to data from Coingecko.
Due to the “fear of missing out on potential price increases”, investors are rushing to buy cryptocurrencies, which brings back memories of the cryptocurrency. bull market pushing the top cryptocurrency assets to an all-time high of around $69,000 in November 2021.
Since the start of the year, bitcoin’s value has more than tripled, recovering from a 64% decline in 2022. That’s an incredible recovery after a slew of scandals and bankruptcies that had cast doubt on the sustainability of digital assets.
Meanwhile, the sudden price changes have affected both bulls and bears. According to CoinGlass, centralized exchanges had short liquidations of $176 million and long liquidations of $86.1 million in the past day.
Bitcoin market cap currently at $1.22 trillion. Chart: TradingView.com
Crypto is rising
After prices fell during the ‘crypto winter’ of 2022, investors lost interest in bitcoin exchange-traded funds. However, the approval and introduction of these funds to the US market this year has reignited interest in cryptocurrencies.
According to the LSEG statistics, we saw the top 10 bitcoin ETFs inflow of $420 million on Wednesday alone, the highest amount in almost two weeks. Tensions increased as the three best known, managed by Grayscale, Fidelity and BlackRock (IBIT.O), attracted a whole new interest.
Ahead of the April halving, which takes place every four years and cuts the rate at which tokens are generated by half as well as the prices paid to miners, more traders have now flocked to bitcoin.
Source: Alernative.me
What the experts say
“Bitcoin optimism is fueled by factors such as spot flows from BTC ETFs, the upcoming halving, which will reduce new issuance, and renewed confidence in the crypto asset class,” said Jonathon Miller, managing director at Kraken Australia.”
“When people see these kinds of increases in a short period of time . . . then it just attracts people and Fomo steps in,” says Timo Lehes, co-founder of blockchain company Swarm.
“It’s just insane.”
“We could see the record being broken at any moment now,” said Simon Peters, an analyst at trading firm eToro. “The driving force behind this is without a doubt [bitcoin funds].”
A new ATH in March?
While Bitcoin experiences short but notable fluctuations, reaching $64,000 before returning to the $62,000 mark, the cryptocurrency market remains dynamic and full of anticipation. Investors and enthusiasts are closely watching price movements and speculating on the possibility of a new all-time high (ATH) in March.
Featured image from Pexels, chart from TradingView
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