Bitcoin saw frenzied activity on Thursday that set it up for its largest monthly gain in over three years. As money flocked to listed bitcoin funds, the cryptocurrency is on track to reach a record high. After trading as high as $63,933 over the course of the previous night, the most valuable cryptocurrency by market capitalization remained stable in morning trade in Asia, trading at $61,100. It has gained more than 44% each month, which is the most since December 2020. It is dragging the smaller ether with it; in February, it last purchased $3,416—a 50% increase.
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According to Tony Sycamore, a strategist at trading IG Markets, the momentum pointed to “a test and probable break” of $69,000, which would push BTC past the all-time high set in the heyday of cryptocurrency increases in November 2021.
An increase in traffic was being experienced by Coinbase Global (COIN.O), according to its CEO, who opened a new tab. Matt Simpson, higher up market researcher at City Index, stated that “if this were a different market, it would probably fall in the ‘blow-off top – avoid getting close to that bubble’ category.”
“But BTC is back in its parabolic-rally phase, with no immediate signs of a top.” After prices crashed during the “crypto winter” of 2022, investors lost interest in spot bitcoin exchange-traded funds. However, this year’s approval and introduction of these funds to the U.S. market has rekindled interest in the asset class.
The largest amount of money received in nearly two weeks, $420 million, was invested in the top ten spot bitcoin ETFs on Tuesday, according to LSEG data. When a new tab was opened, the three most well-known, operated by Grayscale, Fidelity, and BlackRock (IBIT.O), saw a spike in volume.
In advance of April’s halving event, which occurs every four years and reduces the speed at which tokens are distributed by half as well as the incentives given to miners, traders have also flocked to bitcoin.
The entire 21 million bitcoins that are available have already been mined, leaving 19 million left.
Additionally, investors’ appetite for riskier or higher-yielding assets has been fueled by the possibility that the Federal Reserve will cut interest rates multiple times this year. The U.S. equities volatility index (.VIX), provides new tab, has dropped to levels seen before the pandemic, while foreign exchange volatility reached two-year lows.
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