Bitcoin Price Hits $65,100
In the past 24 hours alone, the price of Bitcoin surged by 5%, surpassing the $65,100 mark. This notable increase brings the leading cryptocurrency close to its previous all-time peak of over $69,000 achieved in November 2021. While Bitcoin has been on a steady upward trajectory since last summer, recent weeks have seen a notable acceleration in its growth.
Market Enthusiasm and ETF Impact
The current market environment is marked by exuberant sentiment, as evidenced by record levels in major stock indexes like the S&P 500 and Nasdaq. The introduction of spot Bitcoin ETFs has further fueled the positive momentum surrounding digital assets.
According to Aditya Das, an analyst at Brave New Coin, Bitcoin is poised to challenge its previous all-time highs in the near future. Das noted, “On several occasions last week, the price surged by significant percentages within minutes, sparking excitement throughout the crypto trading community.”
Investors continue to closely monitor the crypto space as Bitcoin and other digital currencies attract heightened attention and investments amid a backdrop of growing optimism. Bitcoin Surges Over 50% in 2022
Bitcoin has experienced a significant increase of more than 50% since the beginning of the year, fueled by the anticipation and approval of the first U.S. spot Bitcoin ETFs in mid-January. These ETFs, managed by prominent financial firms like BlackRock, have generated a fresh wave of interest from investors who can easily access them, leading to a surge in prices as the funds hold the actual token.
Record Inflows for Bitcoin ETFs
Between Feb. 26 and Feb. 28, Bitcoin ETFs saw net inflows of $1.77 billion, highlighting the explosive market activity of the previous week. Feb. 28 recorded the highest single day for Bitcoin ETF inflows, according to research conducted by Galaxy, a crypto financial services company.
Growing Confidence in Bitcoin
Galaxy analyst Gabe Parker noted that the approaching all-time highs of Bitcoin reflect a growing confidence in the asset among U.S.-based investors, RIA platforms, and institutions. He emphasized that the increased accessibility of spot BTC ETFs for wealth managers and financial advisors in the U.S. is expected to further boost net inflows, contributing to the overall acceleration of Bitcoin’s rise.
Cryptocurrency Market Update
Beyond Bitcoin
The cryptocurrency market saw notable gains today, with Ether — the second-largest crypto — rising 3% to above $3,500. Smaller tokens, commonly referred to as altcoins, also saw an increase in value. Cardano climbed 8%, while Polygon popped 2%.
Memecoins on the Rise
Memecoins, a category of cryptocurrencies based on internet memes, were particularly bullish. Dogecoin surged by 19%, and Shiba Inu jumped by 17%. These movements indicate a growing enthusiasm among traders who are increasingly diving into tokens that were initially created as humorous internet jokes.