At $64,000, Bitcoin Records Its Largest Monthly Gain of 44% In More Than Three Years
Thursday saw Bitcoin continue its upward trajectory. In February 2024, the cryptocurrency had its largest monthly increase in over three years, and it is on track to reach a record high as investors pour money into listed bitcoin funds, sparking a broad rally. With a gain of more than 44% per month, the biggest cryptocurrency by market capitalization reached a high of $63,933 over night, the highest since December 2020.
After trading as high as $63,933 throughout the course of the previous night, the biggest cryptocurrency by market capitalization remained stable in morning trade in Asia, trading around $61,100. It has gained more than 44% each month, which is the most since December 2020. It is dragging the lesser ether with it; last month, it purchased $3,416, an increase of 50% over February.
“In the last 24 hours, unprecedented volumes were seen in Bitcoin spot ETFs with a total of $7.5 billion being traded, doubling the previous record as BTC hit an all-time high in the Indian markets,” stated CoinSwitch Markets Desk in a statement. With a gain of almost 44% in February, bitcoin has had its largest monthly movement since December 2020.
According to the report, Indian investors who had previously made Bitcoin investments are now in a lucrative position as the market attitude gradually shifts into the category of “extreme greed.” Yesterday, there was a peek of what can occur if you are too late. BTC’s price dropped sharply after hitting $64k as a result of abrupt profit booking, and in only one hour, it went below $59k, resulting in liquidations close to $200 million in value. Coinbase, the biggest fiat-based exchange in the world, had a brief outage concurrently.
It’s important to remember that Bitcoin has never reached its all-time highs during a halving. One significant barrier would be the all-time high of $69k. But we also caught a taste of what altcoins can accomplish in these kinds of situations in yesterday’s crypto market cycle, when big memecoin DOGE boosted 20% in only one hour, according to CoinSwitch.
According to Tony Sycamore, an analyst at brokerage IG Markets, the trend pointed to “a test and likely break” of $69,000, which would push bitcoin over its record high established in the heyday of cryptocurrency peaks in November 2021.
According to Coinbase Global’s CEO, the exchange is handling an increase in traffic.
Matt Simpson, senior market analyst at City Index, said, “If this were any other market, it would probably be in the ‘blow-off top – don’t go near that bubble’ category.”
“However, bitcoin is currently back in its parabolic-rally phase and shows no signs of peaking.”
Spot bitcoin exchange-traded funds were approved and launched in the United States this year, attracting new investors and reviving investor optimism that had been dampened by the asset class’s price slump during the 2022 “crypto winter.”
According to LSEG statistics, the top ten spot bitcoin ETFs had inflows of $420 million on Tuesday alone, the highest amount in over two weeks. Volumes increased at the three most well-known, operated by Grayscale, Fidelity, and BlackRock.
Ahead of the April halving event, which occurs every four years and reduces the pace at which tokens are issued and the incentives granted to miners, traders have also flocked to bitcoin.
There are only 21 million bitcoin in circulation, 19 of which have previously been mined.
Additionally, investors’ thirst for riskier or higher-yielding assets has been fueled by the possibility that the Federal Reserve could lower interest rates many times this year. The U.S. equities volatility index is returning to pre-pandemic norms, and foreign currency volatility has plummeted to two-year lows.
