Bitcoin (BTC) continues its spectacular climb, fueled by elevated curiosity from institutional buyers. The cryptocurrency hit a brand new all-time excessive (ATH) of round $73,650 throughout Wednesday’s mid-London session.
The worldwide cryptocurrency market cap is sort of reaching its earlier ATH of over $3.1 trillion, which was reached in the course of the peak of the 2021 bull market. Up to now 24 hours, the full crypto market cap elevated by roughly 2 %, approaching $2.9 trillion. Nonetheless, this rise in worth additionally noticed over $324 million in liquidations throughout crypto leverage buying and selling as a result of elevated volatility.
What’s Driving the Rally?
Varied macroeconomic components and elevated institutional participation have contributed to the latest surge in crypto costs, significantly Bitcoin. The approval of spot Bitcoin exchange-traded funds (ETFs) in the USA has attracted vital investments from main Wall Avenue corporations.
For instance, on Tuesday alone, money inflows into spot Bitcoin ETFs exceeded $1 billion, with BlackRock’s IBIT receiving over $849 million.
Bitcoin’s volatility elevated in direction of its new ATH following Tuesday’s information of sustained inflation in the USA and issues over rising nationwide debt. Moreover, pleasure within the crypto market grew with the activation of Ethereum’s Dencun improve on the mainnet.
Learn Extra: Ethereum Worth Goals for ATH in March Amid the Dencun Improve
The place Are We Headed Subsequent?
Bitcoin’s upward trajectory towards the US greenback suggests the potential for reaching a six-figure worth after overcoming latest technical hurdles. Whereas some analysts, like Michaël van de Poppe, warn of a possible 20-30 % market correction, total sentiment favors the continued dominance of Bitcoin bulls.
The altcoin market can be experiencing progress alongside Bitcoin, with Ethereum, Binance Coin (BNB), and Avalanche (AVAX) main the cost within the ongoing bullish development.
Additionally Learn: Meme Cash Fizzle, Bitcoin Soars, Traders Shift Gears: Is Altcoin Season 2024 Right here?