Bitcoin (BTC) price has just reclaimed the $65,000 price mark amid the current rally of the past few weeks. Amid the 5.4% increase in price in the last 24 hours, Bitcoin price and market cap are now set at $65,516.87 and $1,277,114,159,326, respectively.
Bitcoin (BTC) price has just reclaimed the $65,000 price mark amid the current rally of the past few weeks. Amid the 5.4% increase in price in the last 24 hours, Bitcoin price and market cap are now set at $65,516.87 and $1,277,114,159,326, respectively.
Bitcoin Growth Triggers
Bitcoin’s current rally could easily be attributed to FOMO (fear of missing out) among institutional investors, but it is notably catalyzed by the BTC spot ETF. With the green light for this product from the SEC in January, all participants have so far acquired over 300,000 BTC.
The adoption of this Bitcoin spot ETF has changed the paradigm in the broader market with a massive supply crunch emerging. At the moment, only around 900 BTC are produced per day, and this compares to an average of 10,000 BTC acquired by Bitcoin ETF spot issuers overall.
This imbalance between supply and demand will also worsen in the coming weeks as the upcoming Bitcoin halving event will reduce the supply of Bitcoin by 50%. If demand holds up by then, the Bitcoin world is likely to see more parabolic price surges overall.
ATH in sight?
Bitcoin is currently a few bullish candles away from breaking its all-time high (ATH) of $68,789.63. If the bullish momentum maintains, the digital currency is likely to surpass this level this week.
Experts are optimistic that this price level is reasonably low compared to what BTC is actually worth when supply shortages are properly taken into account. Veterans like Samson Mow are optimistic that Bitcoin can skyrocket to a high of $1 million in the long term.
Although imminent corrections are possible down the road, Bitcoin notably has the right fundamentals to support current growth projections for the foreseeable future.
