Bitcoin surpassed $64,000 for the first time in more than two years on Wednesday and is already up almost 45% in 2024. The feeling is that things could be different this time.
Bitcoin surpassed $64,000 for the first time in more than two years on Wednesday and is already up almost 45% in 2024. The feeling is that things could be different this time.
New US spot Bitcoin exchange-traded funds are shaking up the market for the leading cryptocurrency, contributing to the price rally by attracting more than $7 billion in net inflows in less than two months.
A five-day rally took Bitcoin to highs of $64,100 on Wednesday, putting the all-time high of nearly $69,000 within reach. An impending decline in Bitcoin supply growth, known as a halving, has further fueled the price increase.
At the time of writing, BTC is up 5.85% in the past 24 hours to $62,651, after hitting intraday highs of $63,675 in early trading on Thursday.
Bitcoin’s gain since the beginning of the year has outpaced stocks, extending a trend that began in 2023. The momentum has attracted traders looking for volatility.
According kaikoBitcoin trading volume hit its highest level since the FTX crash on Wednesday’s trading session, totaling $34 billion.
Bitcoin Network Activity, ETF Volumes Soar
feelinga new on-chain analytics company, revealed a massive increase in Bitcoin’s on-chain transaction volume, circulation, and whale transactions as the price rose.
Santiment reported that as Bitcoin surpassed $64,000, on-chain activity on the Bitcoin network reached levels not seen before 2022. On-chain transaction volume reached $35.37 billion, with 283,000 unique tokens in motion and transactions of whales worth more than $1 million reaching 3,661.
Overall trading activity in spot Bitcoin ETFs, including products from BlackRock Inc. and Fidelity Investments, rose substantially to around $8 billion on Wednesday as Bitcoin moved toward a record high.
The funding rate for Bitcoin perpetual futures has also reached its highest level since 2021, indicating that traders are rushing to bet on profits.
