Latest In

Breaking News

Bitcoin Surpasses $65K, Poised For Record Levels

Bitcoin surpasses $65K, witnessing a remarkable upswing on Monday, and marking its highest value in two years.

Author:Habiba Ashton
Reviewer:Emmanuella Shea
Mar 05, 2024
16K Shares
228.8K Views
The leading cryptocurrency, Bitcoin surpasses $65K, witnessing a remarkable upswing on Monday, and marking its highest value in two years. This surge comes on the heels of increased trading activity, propelling Bitcoin close to its previous record set in November 2021, just shy of $69,000.

The Bullish Momentum

In the current year, Bitcoin has demonstrated its resilience and growth, with a staggering gain of over 50%. The lion's share of this surge occurred in the past few weeks, coinciding with a surge in trading volume for U.S.-listed bitcoin funds. The approval and launch of spot bitcoin exchange-traded funds in the United States earlier this year played a pivotal role in this surge, opening avenues for a new wave of investors.
This development has reignited enthusiasm in the cryptocurrency market, reminiscent of the fervor witnessed during the run-up to the record levels in 2021. Ethereum, a key competitor to Bitcoin, has also experienced significant gains, fueled by speculation surrounding the potential introduction of exchange-traded funds.
As of the latest reports on Monday morning in Europe, Ethereum had recorded a year-to-date increase of over 50%, although it had not yet reached the two-year highs achieved just the previous week.

"In the Money" Addresses Signal Bullish Sentiment

One of the notable outcomes of Bitcoin's recent bullish momentum is the surge in addresses now considered "in the money." According to data tracked by analytics firm IntoTheBlock, more than 97% of Bitcoin addresses are currently "in the money," marking the highest proportion since November 2021.
An address is deemed "in the money" when the current market rate surpasses the address's average acquisition cost. Notably, the majority of Bitcoin holders acquired their coins at prices lower than the current market rate, providing a bullish signal for the cryptocurrency market.
IntoTheBlock emphasizes the positive implications of this trend, stating, "Given the substantial percentage of addresses in profit, the selling pressure from users attempting to break even no longer has a significant effect." This shift in dynamics is crucial as it suggests that new entrants into the market are essentially buying from existing users who are already realizing profits.

Bitcoin's Year-to-Date Performance

Bitcoin's year-to-date rise of 54% adds to the impressive 154% gain it achieved in 2022. The surge is primarily attributed to the strong inflows into U.S.-based spot exchange-traded funds approved in January. Wall Street's endorsement of these ETFs has tilted the demand-supply dynamics in favor of the bulls, creating conditions conducive to a potential rally towards a new record high.
The broader cryptocurrency market, as reflected in the CoinDesk 20 Index, has seen a substantial 37.8% increase this year, underscoring the positive overall trend in the digital asset space. As Bitcoin continues to make strides and approach record levels, market participants keenly observe the dynamics, anticipating further developments in the evolving cryptocurrency landscape.
Jump to
Habiba Ashton

Habiba Ashton

Author
Habiba Ashton, an esteemed professional in Digital Marketing and Business, brings over 10 years of experience to the table. She holds a Master's degree in Marketing Management from Stanford University and is a certified Digital Marketing strategist. Habiba has authored numerous articles on SEO, Social Media Marketing, and Branding, published across reputable platforms. Her impactful projects have consistently driven growth and visibility for businesses, earning her accolades from clients and industry peers alike. One notable achievement includes leading a digital marketing campaign that resulted in a 30% increase in online sales for a major retail client. Looking ahead, Habiba is committed to pioneering ethical digital marketing practices that prioritize customer trust and engagement. Her vision is to lead initiatives that foster a transparent and sustainable digital ecosystem for businesses and consumers alike. In her free time, she enjoys cycling, stargazing, and staying updated on digital entertainment trends.
Emmanuella Shea

Emmanuella Shea

Reviewer
Emmanuella Shea is a distinguished finance and economics expert with over a decade of experience. She holds a Master's degree in Finance and Economics from Harvard University, specializing in financial analysis, investment management, and economic forecasting. Her authoritative insights and trustworthy advice have made her a highly sought-after advisor in the business world. Outside of her professional life, she enjoys exploring diverse cuisines, reading non-fiction literature, and embarking on invigorating hikes. Her passion for insightful analysis and reliable guidance is matched by her dedication to continuous learning and personal growth.
Latest Articles
Popular Articles