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Bitcoin Breaks Above $60k as Meteoric Rise Signals Market Confidence

Published 02/29/2024, 02:48 PM
Updated 04/07/2022, 04:55 PM

Bitcoin's valuation soared to an impressive $60,354.58, marking a substantial increase of $3,216.28 (5.63%) in just a single day.

Bitcoin’s value skyrocketed to $60,354.58 on Wednesday, reflecting a substantial single-day gain of $3,216.28 (5.63%). This latest surge solidly positions the pioneering cryptocurrency above the psychological $60,000 threshold, bringing it within striking distance of its all-time high.

The previous day’s close was reported at $57,071.10, indicating a remarkable uptick in valuation over a remarkably short period. Bitcoin’s daily trading range spanned from $56,779.22 to $60,438.46, demonstrating continued volatility and intense interest in the booming cryptocurrency marketplace

Bitcoin Price Hits Level Not Seen Since November 2021

Experts highlight Bitcoin’s meteoric price appreciation through February, which saw its value balloon by over 40% for the month – the most robust monthly performance in over two years. This parabolic rally, coupled with Bitcoin’s staggering $1.12 trillion market capitalization and liquidity supplied by its near-19 million circulating supply, underscores a resurgence in broader market confidence.

Hitting $60,131 marked Bitcoin’s highest valuation since briefly approaching $70,000 in November 2021. There has also been an almost 19 percent week-over-week upswing since February 21, as fresh capital inflows into recently launched U.S. spot bitcoin exchange-traded funds (ETFs) and building hype ahead of April’s halving event fueled the sharp uptrend.

Expectations for impending Federal Reserve interest rate cuts have further stoked institutional and retail investor interest.

Trading Volume Skyrockets for Bitcoin ETFs

Trading volumes for top Bitcoin ETFs have skyrocketed accordingly, with the ten biggest spot Bitcoin ETFs registering a record $420 million in inflows on Tuesday alone, marking the highest levels in nearly two weeks.

Around 70 percent of Bitcoin’s supply has remained static for over a year, while institutional buyers like BlackRock (NYSE:BLK) and Fidelity have actively snapped up the balance.

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

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This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.

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