Bitcoin nearing the historic level of $69,000

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Bitcoin, the world’s largest cryptocurrency, continues its upward trend in the early days of March 2024, nearing the historic level of $69,000.

Throughout March 4th and the morning of March 5th, Bitcoin (BTC) has maintained its upward momentum by surpassing the milestones of $65,000, $66,000, $67,000, and $68,000 within just 12 hours.

Previously, on February 28th, BTC also experienced a similar upward trend from $57,000 to $64,000 before undergoing a slight correction.

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BTC ended February 2024 with a growth of 44.2%, amidst the upcoming halving event scheduled for mid-April.

As of now, BTC has reached a temporary peak of $68,686, only about $400 away from the historic high of $69,000 in November 2021. However, the market capitalization of Bitcoin has surpassed the historic level, reaching $1.3 trillion on the morning of March 5th.

In fact, Bitcoin has surpassed many major fiat currencies worldwide such as the British pound, euro, Japanese yen, Chinese yuan, South Korean won, and even the Vietnamese dong in recent days.

The rise of Bitcoin continues to be driven by strong trading activities from US financial institutions, as highlighted by ETF expert Eric Balchunas from Bloomberg.

On March 4th, new Bitcoin ETFs recorded a trading volume of $5.5 billion, the second highest to date. Among them, BlackRock’s IBIT fund continues to lead with a trading volume of $2.4 billion.

It is expected that on March 4th, there will be significant inflows into large-priced ETFs, following the hundreds of millions of dollars of inflows from these investment products in previous days.

BlackRock’s IBIT fund continues to strengthen its position as the leading Bitcoin ETF with accumulated assets surpassing $11 billion in just over 50 days of trading, making it one of the fastest-growing ETFs in the history of the US ETF market.

In the cryptocurrency market over the weekend, there has been a wave of memecoins with many tokens experiencing growth of over 100%. However, as Bitcoin continues its upward trend in the past 12 hours, attention has shifted back to Bitcoin, causing slight adjustments in many memecoins.

Ethereum (ETH) has also seen some upward movement from Bitcoin, surpassing the $3,650 mark – the highest since March 2022.

In the past 12 hours, $280 million worth of derivative orders have been liquidated in the cryptocurrency market, with the majority being short orders accounting for 59.1%.