- February 28, 2024
- Posted by: [email protected]
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Bitcoin (BTC) has surged past the $60,000 milestone, currently holding at $61,140. This remarkable uptick, reflecting a 7% surge within the last 24 hours, underscores Bitcoin’s resilience and growing appeal. Over the past week, the leading cryptocurrency has experienced a substantial 15% uptrend and an impressive 40% surge over the last month. Notably, Bitcoin now stands merely 14% away from revisiting its historic peak of $68,789, achieved in November 2021.
This bullish movement coincides with a heightened interest from institutional investors in spot Bitcoin ETFs, resulting in a staggering $6.7 billion influx since the SEC’s approval of these investment vehicles on January 10. Daily inflows have averaged an impressive $210 million, with the past week witnessing an unprecedented $2.4 billion inflow, led by BlackRock’s IBIT and Fidelity’s FBTC, attracting $1.6 billion and $648 million, respectively. Particularly noteworthy is the outstanding performance of BlackRock’s iShares Bitcoin Trust (IBIT), outshining other Bitcoin ETFs and ETFs across various asset classes and accumulating a remarkable $1.673 billion in net inflows throughout the week.
Simultaneously, the broader cryptocurrency market has experienced a collective upswing, with Ethereum, the second-largest cryptocurrency by market capitalization, recording a 3% gain in the past 24 hours, reaching $3,335. Ethereum’s upward trajectory extends to an impressive 45% increase over the past month, aligning with the prevailing positive sentiment in the crypto space.
Matrixport’s recent analysis further adds to the optimistic outlook, predicting a potential Bitcoin target of $63,000 by March 2024. The report identifies four key catalysts propelling Bitcoin to new heights: the approval of spot Bitcoin ETFs, the anticipated Bitcoin Halving event in 2024 set to reduce supply, potential interest rate cuts following the Federal Reserve’s Federal Open Market Committee meetings, and the impact of the upcoming US presidential elections, introducing an element of policy uncertainty that could influence Bitcoin’s trajectory.
Building on this positivity, Matt Hougan, Chief Investment Officer at Bitwise, envisions Bitcoin surpassing $80,000 in the current year, attributing this optimism to the success of spot ETFs. Echoing this sentiment, analysts at Bernstein anticipate Bitcoin to not only surpass its previous all-time high of $69,000 but potentially reach $70,000 in the coming months. Their confidence is grounded in the cryptocurrency’s favorable risk-reward profile, with no significant challenges foreseen to impede its upward trajectory. As the cryptocurrency landscape continues to evolve, Bitcoin’s remarkable journey remains a focal point, drawing attention and investment from both institutional and retail players alike.
