Bitcoin surpassed $64,279 due to the extraordinary demand for the largest cryptocurrency instrument ever issued by Bitcoin ETFs registered in the United States. This represented a growth of 186% since the commencement of trading on January 11. In contrast, the amount decreased to $63,622 in Singapore.
Hayden Hughes, co-founder of Alpha Impact, asserts that despite the weekend’s low liquidity, markets are exhibiting an upward trend on the expectation that ETF inflows will continue and prices will rebound.
Since the inception of US Bitcoin ETFs, numerous funds, including Fidelity Investments and BlackRock Inc., have utilized the net inflows totaling $7.35 billion as investment capital.
At this moment, traders are placing bets on the price that, during the pandemic, was anticipated to reach nearly $69,000. As a result of decreased demand, the increase in the coin supply may be diminished after halving the reward associated with meningitis.
Hughes further stated that it will take some time for Bitcoin to surpass its previous record, but he is confident that it will occur in the near future.
Additional tokens, such as Solana and Ether, experienced a corresponding 1.82% and 0.15% increase in value, reaching $3,476.97 and $129.03, respectively. Tether rose 0.02 percent to $1, while XRP gained 0.47 percent to $0.639.
Meanwhile, the cumulative value of all cryptocurrencies has surpassed $2.5 trillion.
The resurgence in Bitcoin’s value is occurring in early 2024, subsequent to the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. This resulted in substantial investments and caused a stir in the cryptocurrency industry.
According to data published by LSEG, the ten largest spot Bitcoin ETFs generated the most revenue, $420 million, on February 27.
The price of Bitcoin also increased in anticipation of the April-scheduled halving event. The Bitcoin blockchain undergoes a division every four years, during which the rate of token release is reduced, and miners receive diminished rewards.
This activity generates a favorable environment because 19 million Bitcoins are mined out of a total supply of 21 million.
Nine of the most recent spot ETFs collectively hold more than 300,000 Bitcoins. After the implementation of the halving, the daily output of newly mined coins will decrease from the current 900 to 450.
The value of circulating Bitcoin has surpassed $2 trillion, a first in over two years, according to CoinGecko.
