Bitcoin After a lull in gains over the weekend, it spiked earlier in the week, moving even closer to all-time highs.
According to Coin Metrics, the leading cryptocurrency was last up 7% to $67,386.97. At one point, it rose to $67,493.00, the highest price since November 2021. ether It rose 2% to $3,550.86.
Both coins are coming off their best weeks in nearly a year—Bitcoin up about 21% and Ethereum up 16%, but the market is coming off a two-day surge from the Grayscale Bitcoin Trust (GBTC). This was offset by inflows into other “nascent” Bitcoin exchange-traded funds (the rally paused over the weekend as investors digested large outflows).
Bitcoin is slowly climbing towards an all-time high
“With the creation of these nine new ETFs, big moves tend to occur during a normal trading week rather than on weekends,” said Antoni Trenchev, co-founder of crypto exchange Nexo.
“What we’re seeing today could be a repeat of early last week, when Bitcoin skyrocketed by $10,000 in a few days,” he added. “Thanks to the strong demand for these new spot ETFs, we are in an environment where we could see a one- to two-day consolidation period ahead of an explosive move.”
Bitcoin is at $67,000, about 3% off its November 2021 intraday record of $68,982.20.
Bitcoin has lifted other crypto tokens, especially meme coins. dogecoin soared 17%, and Shiba Inu Coin soared 53%. Analysts have pointed to the performance as evidence that retail investors, who have not participated in much of the recent crypto rally, are starting to return to the crypto market. Weekly trading volumes for meme tokens surged last week to their highest levels since late 2021, according to crypto data provider Kaiko.
Some crypto assets have ridden the Bitcoin wave. coinbase and micro strategy, rose 7% and 20%, respectively. But the short-term impact of the April halving, which will cut mining companies’ profits, is weighing on investors, leading miners to refrain from participating and regain previous profits. riot platform, iris energy and clean spark Each fell about 6%. crypto mining fell 4%, marathon digital It fell about 2%.
Some analysts suggest that while Bitcoin may continue to rise in the short term, it could fall in the coming weeks as unrealized gains approach extreme levels. . According to CryptoQuant, the realized price of Bitcoin remains at only about $42,700.
Nevertheless, long-term investors believe that increased demand for Bitcoin through new US ETFs, combined with an expected tighter supply after the April halving event, will push Bitcoin’s price to an all-time high. I’m sure it will be updated.
Cryptocurrencies have also seen some buying from the stock market, with the tech-heavy Nasdaq Composite hitting an all-time high on Friday, making it the last major stock index to post a record close this year. David Duong, head of institutional research at Coinbase, said March could be a flat month for Bitcoin, but the cryptocurrency is benefiting from a productivity boom driven by AI and blockchain technology. He said he expects this to continue.
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