Bitcoin breaks $68,000, is it just one step away from a new high?

Lila

24-03-05 11:56

Read this article in 6 Minutes

AI summary

View the summary

Original title: "Bitcoin breaks $68,000, new high is "just a stone's throw away""

Original author: Mary Liu, BitpushNews

On March 4, the enthusiasm of bulls continued unabated, and Bitcoin continued to rise. At the close of U.S. stocks on Monday, Bitcoin changed hands at $67,710.23, up nearly 8% from the previous day. Two hours later, the price moved strongly above $68,000, putting it within striking distance of the November 2021 all-time high of around $69,000.

According to data from CompaniesMarketCap, After earlier surpassing the market value of Facebook parent company Meta Platforms (META) and Berkshire Hathaway, BTC's current market value is second only to the precious metal silver.

Ethereum, the second largest cryptocurrency by market capitalization, rose to It is above US$3,600, but the increase is not as strong as that of BTC, with a daily increase of only 3.5%.

Meme coins are still performing well. DOGE and SHIB are the best-performing meme coins among the top twenty coins, each rising 16% in the past 24 hours. % and 55%.

U.S. stocks gave up gains in late trading on Monday, with all three major stock indexes closing lower. However, the crypto sector surged, with Coinbase (COIN.O) rising by more than 11% and MicroStrategy (MSTR.O) rising by 23%.

ETF funding frenzy continues

Crypto market gains benefit from spot Bitcoin ETF mania. The spot ETF began trading in January and saw strong funding volumes.

Data compiled by Bloomberg analyst Eric Balchunas show that as of the close of U.S. stocks on Monday, the daily trading volume of the U.S. spot Bitcoin ETF exceeded $5.5 billion, the highest level since its launch. The second largest trading day. Among them, BlackRock's IBIT trading volume alone has reached US$2.4 billion, and its assets under management have exceeded US$1.1 billion.

Asset management firm CoinShares reported on Monday that Bitcoin-focused ETF products overall attracted $1.73 billion in "substantial funding" last week. Inflows," the second-largest week on record. ETH-focused funds were also popular, with net inflows reaching $85 million, the report added.

Did Bitcoin hit a new all-time high this week?

Cubic Analytics founder Caleb Franzen noted in a report on Sunday that Bitcoin is outperforming the tech-heavy Nasdaq 100 Index (NDX), he called Bitcoin/NDX's breakout of the key level connecting the highs of the first quarter of 2021 and the last quarter of 2021 "very encouraging."

He wrote in Monday’s It could be me".

10xResearch founder Markus Thielen predicted in a market report on Monday that Bitcoin’s price action will be “shocking” this week, arguing that as demand Expansion outside the US and ETF inflows will continue to be strong, with BTC set to reach new all-time highs this week.

There are still about 5 weeks left before the expected BTC halving. Let us wait and see whether the market can continue to advance rapidly.