On Monday, Bitcoin, the leading cryptocurrency globally, reached its highest level in two years, exceeding $66,000. With a surge in investment, it approached its previous record levels.
Bitcoin peaked at $66,319 during the session, showing a 6.4% increase and settling at $66,254. Currently, it stands 4% below its all-time high of $68,999.99, reached in November 2021.
Bitcoin Rally Sparks Optimism in Cryptocurrency Market
The global cryptocurrency market cap experienced a notable surge of 3.6% in the last 24 hours, reaching around $2.54 trillion, according to data available at CoinGecko.
Bitcoin has seen a remarkable 50% increase in value this year, with a significant portion of the growth occurring in recent weeks, coinciding with increased inflows into US-listed Bitcoin funds.
In the week leading up to March 1, net flows into the 10 largest US spot Bitcoin funds totaled $2.17 billion, with more than half of that amount directed into BlackRock’s iShares Bitcoin Trust, as reported by LSEG data.
Edul Patel, CEO of Mudrex, commented on the Bitcoin rally, noting, “There is a positive sentiment across the market with institutional demand, spot Bitcoin ETFs growth, and the approaching halving event.”
Furthermore, Patel highlighted the significant portion of Bitcoin held by long-term investors, stating, “Out of 19.6 million Bitcoin currently circulating in the market, 13.6 million, which is close to 70%, is in the possession of hodlers who have been holding on to Bitcoin over a one-year period, showing increasing long-term investment sentiment. If this trend continues, we are likely to see Bitcoin beating its all-time high any day now.”
Cryptocurrency Market Sees Broad Rally
The cryptocurrency market witnessed a widespread surge in prices, echoing the momentum of Bitcoin’s rally. Ethereum, the second largest cryptocurrency, climbed 3.6% to reach $3,541, while other tokens such as Solana, XRP, Cardano, Dogecoin, Shiba Inu, and Polkadot saw gains of up to 21%.
Shivam Thakral, CEO of BuyUcoin, remarked, “Ethereum is attempting to breach the $3,600 level, a move that could propel the second-largest cryptocurrency above $4,000.”
Crypto Market Metrics Reflect Positive Momentum
The total trading volume in the cryptocurrency market over the past 24 hours surged to $127.78 billion, marking a notable 37.38% increase. Within the decentralized finance (DeFi) sector, the volume reached $9.46 billion, representing 7.40% of the total crypto market volume. Stablecoins also played a significant role, with their volume reaching $114.03 billion, accounting for 89.24% of the total crypto market volume, as reported by data from CoinMarketCap.
Bitcoin Leads the Charge
Bitcoin, the flagship cryptocurrency, experienced a surge in its market capitalization, reaching $1.3 trillion over the last 24 hours. Bitcoin’s dominance in the market currently stands at 52.94%, according to CoinMarketCap. Additionally, BTC’s trading volume in the past 24 hours saw a remarkable 111% increase, totaling $49.46 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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