Bitcoin has surged over 60% so far in 2024
Bitcoin has reaching the $68,000 milestone for the first time in over two years. This upward trend has been driven by various factors, with the increased accessibility and legitimacy provided by ETFs playing a significant role.
From January 1, 2024, to March 4, 2024, Bitcoin's price skyrocketed from $42,265 to $68,537, marking a remarkable 62% increase.
While it experienced some corrections after hitting $68,000, Bitcoin was still trading 5.4% higher at $66,856 on Tuesday, just 3.2% below its all-time peak of $68,999.99 set in November 2021.
According to data from LSEG, net inflows into the top 10 U.S. spot bitcoin funds totaled $2.17 billion in the week ending March 1, with more than half of that amount flowing into BlackRock's iShares Bitcoin Trust.
In response to the crypto rally, leading global investment platforms also witnessed a significant surge in trading volume.
CEO of Mudrex, Edul Patel, noted, "At Mudrex, we have observed a 192% increase in trading volume from December to January and a further 270% increase from January to February. In March, we are witnessing a threefold growth in trading volume."
Bitcoin reached new all-time highs for the first time in over two years before experiencing a sharp decline as traders opted to take some profits.
The cryptocurrency surged to a peak of $69,170, surpassing the previous all-time high of $68,999.99 set in November 2021. Investor interest has been on the rise since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. However, Bitcoin's momentum shifted, and it was recently down by around 2% at $65,694 as of 10:57 am.
In contrast, other major crypto tokens saw declines, with Dogecoin falling by 9.6% and Shiba Inu declining by 7.3%. Tokens like BNB, XRP, Cardano, Avalanche, Polkadot, Chainlink, and Polygon also experienced decreases ranging from 4% to 6%.
Meanwhile, Ethereum, the world's second-largest cryptocurrency, managed to buck the trend by surging 0.4% to $3,735 in the last 24 hours.
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