Bitcoin (BTC), the world’s leading cryptocurrency, has recently surpassed $65,000 in value. This significant price increase has sparked a lot of interest and speculation among investors and traders alike.
Bitcoin is currently leading the crypto market rally, showing 5.24% in the daily charts, 27.22% in the weekly charts, and over 51% in the last month. Furthermore, Bitcoin has experienced an astounding 191.12% rally since March 2023.
As per the data of CoinMarketCap, Bitcoin is currently only down by 5.62% from its record high (ATH) of $68,789, which was touched in November 2021. Many popular crypto experts suggest that Bitcoin could potentially surpass its peak value due to the Bitcoin Halving event in April.
Why is BTC up today?
Bitcoin’s recent surge is attributed to the rise in investments in spot BTC Exchange Traded Fund (ETF) products. Notably, the US Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs in January this year, marking a significant milestone in the cryptocurrency market.
Also, Bitcoin is currently experiencing a pre-halving rally.
BlackRock’s iShares Bitcoin Trust (IBIT) reached $10 billion in just seven weeks, outpacing US gold-backed ETFs that needed over two years for the same milestone.
Bloomberg ETF analyst Eric Balchunas notes that Bitcoin ETFs are benefiting from gold’s decline in the store of value competition.
Bitcoin’s (BTC) fear and greed index is currently at 82, indicating a state of “Extreme Greed” among investors, reflecting high levels of optimism and potential overvaluation in the market.
With Bitcoin’s halving cycle occurring in April, there is a potential increase in capital influx into the primary cryptocurrency. Certain crypto analysts are even speculating that Bitcoin might reach the $1 million milestone by 2024.
Also Read: Pepe Trader’s $27 Investment Soars to $14.6 Million
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
