The price reached a session high of $68,580 and last traded at $68,161. In November 2021, Bitcoin reached a record of $68,999.99.
Bitcoin surged to a two-year high on March 5, surpassing $68,000 as a rush of money brought it within striking distance of record levels. The price reached a session high of $68,580 and last traded at $68,161. In November 2021, Bitcoin reached a record of $68,999.99. The largest cryptocurrency by market value has increased by 50% this year, with the majority of the increase occurring in the previous few weeks as inflows into the US-listed bitcoin ETFs skyrocketed.
Spot Bitcoin exchange-traded funds were legalised in the United States earlier this year. Their launch paved the path for new large investors and reignited excitement and momentum, reminiscent of the run-up to record levels in 2021.
Markus Thielen, Head of Research at crypto analytics house 10x Research based in Singapore, commented that the flows are continuing since investors are feeling more optimistic about the higher price.
Bitcoin Investment Surge
According to LSEG data (London Stock Exchange Group, a stock exchange and financial information firm based in London, UK), net flows into the top 10 US spot bitcoin funds were $2.17 billion in the week ending March 1, with BlackRock’s iShares Bitcoin Trust receiving more than half of that amount.
Edu Patel, CEO of Murdex, a crypto asset management platform in Bengaluru, commented that over the past 24 hours, Bitcoin has managed to stay above $68,300, marking yet another noteworthy milestone. Amidst the growing number of spot Bitcoin ETFs, institutional demand, and the expectation of the impending halving event, the market sentiment is optimistic.
He also mentioned that currently, 97% of all Bitcoin addresses are profitable, indicating a sharp increase in demand. Approximately 70% (13.6 million) of the 19.6 million Bitcoins that are presently in circulation are owned by holders who have held onto their holdings for more than a year, indicating an increasing inclination toward long-term investing. Bitcoin is expected to surpass its peak at any moment. Moreover, he also mentioned that the market has returned to its 2021 state when all prices are rising and everybody is enjoying themselves.
Crypto Rallies Alongside Stock Markets
The rumour that exchange-traded funds (ETFs) may soon be driving inflows has helped smaller rival Ether gain traction. It’s up 50% so far this year, and on March 5, it was up 2.6% on the day at $3,518 to trade at two-year highs.
The surge has coincided with record lows on stock indices, including the New York-based tech-heavy Nasdaq, the S&P 500, and Japan’s Nikkei, as well as declining volatility indicators in foreign exchange and stocks. Brent Donnelly, trader and president at analysis firm Spectra Markets, stated that crypto will do well because bitcoin will continue to be a high-volatility tech proxy and liquidity thermometer in a world where the Nasdaq is reaching new all-time highs.