The worldwide cryptocurrency market capitalization surged over 8% to reach $2.33 trillion. In the past 24 hours, the total trading volume for cryptocurrencies reached $198.71 billion, marking a significant 110% increase.
The cryptocurrency market rally persisted as Bitcoin surged again on Thursday, approaching the $64,000 mark for the first time in approximately 27 months. The leading cryptocurrency, with a market capitalization of around $1.24 trillion, surged by about 11%.
The surge in Bitcoin's value can largely be attributed to several factors: the highly anticipated Bitcoin halving, the approval of Bitcoin exchange-traded funds (ETFs), which are attracting institutional investments, and rumors surrounding the interest of Amazon's Jeff Bezos in the digital asset class.
Over the past 24 hours, Bitcoin experienced a significant increase, nearing the $64,000 mark. This surge is linked to the introduction of ten Bitcoin ETFs in the US, which achieved a new daily trading volume record, surpassing $7.7 billion, as stated by Edul Patel, CEO at Mudrex. Particularly noteworthy was BlackRock's Bitcoin ETF, which recorded a trading volume of $3.3 billion on Wednesday, doubling its previous record volume, indicating a growing demand.
Bitcoin has surged by over 50% in the first two months of 2024, with a 45% increase in February alone. Within the last week, the leading cryptocurrency has gained approximately 25% in value, reaching around $63,500 as of 12:15 pm on Thursday.
Unprecedented trading volumes were observed in Bitcoin spot ETFs over the past 24 hours, totaling $7.5 billion, doubling the previous record, coinciding with BTC reaching an all-time high in Indian markets. Bitcoin's value has increased by more than 44% in February, marking the highest monthly surge since December 2020, according to CoinSwitch Markets Desk.
According to data from Coinmarketcap, the global cryptocurrency market capitalization surged over 8% to $2.33 trillion, with a total trading volume of $198.71 billion in the last 24 hours, representing a 109.95% increase. Bitcoin's dominance also rose by over 1% to 53.27%.
All Indian investors who had previously invested in Bitcoin are now in a profitable position, with market sentiment gradually shifting towards the 'extreme greed' category. It is worth noting that Bitcoin has never surpassed all-time highs during the halving event, with the $69,000 all-time high likely to serve as a significant resistance level, cautioned CoinSwitch Markets Desk.
Amid swirling rumors of Jeff Bezos' interest in the digital asset class and speculative reports suggesting a multibillion-dollar investment in Bitcoin, the cryptocurrency has surged dramatically. However, neither Bezos nor his e-commerce giant Amazon has confirmed these rumors.
In the midst of a notable upsurge in the broader crypto market, Bitcoin is approaching its previous record high reached in November 2021. This rally is fueled by historical patterns observed prior to halving events, substantial inflows into BTC spot ETFs, and backing from major institutions, as noted by Siddhartha Gupta, SVP of Business and Strategic Alliances at CoinDCX.
The reported $8 billion Bitcoin investment by Jeff Bezos has further stoked excitement, although skepticism exists within the crypto community due to the absence of concrete evidence or official statements from Bezos or Amazon.
Market experts also attribute optimism in the crypto space to the possibility of the US Federal Reserve lowering interest rates this year amidst easing inflationary pressures, enhancing the appeal of Bitcoin's future prospects. They believe that institutional players are primarily driving the current rally, with retail participation relatively subdued.
As we approach March, Bitcoin appears poised to potentially surpass its previous highs, with anticipation further heightened by the countdown to the next halving event in mid-April, setting the stage for Bitcoin to venture into uncharted territory.
Despite indications of a potential strengthening of the dollar index, technical indicators for BTC/USD suggest a positive outlook, according to Rajagopal Menon, VP at WazirX. The overall improvement in liquidity has also encouraged investors to engage more actively with the crypto market.
Disclaimer: Business Today offers stock market news solely for informational purposes and should not be interpreted as investment advice. Readers are advised to seek guidance from a qualified financial advisor prior to making any investment decisions.
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