The beginning of the year 2023 has witnessed an impressive surge in Bitcoin‘s value, capturing the attention of the financial world. Starting from a significant rise in late February, the cryptocurrency’s worth briefly hit the $49,000 mark at the onset of 2024 before suffering a setback due to an ETF-related decision, plummeting to $38,500 and startling investors. Despite this, Bitcoin resiliently bounced back and has been continually climbing since.
Record-Breaking Week for Bitcoin
The past week was particularly exceptional for Bitcoin, as its price soared to levels not observed since the pinnacle of 2021, reaching a high of $64,270, only to experience a slight retracement. The value stabilized in the $61,000 to $62,500 range in the following days, contributing to an uplift in altcoins value. On the evening of March 4th, Bitcoin briefly surpassed the $64,000 threshold again, but it couldn’t maintain that peak. Presently, it has exceeded the $65,000 barrier, a high that had been previously untouched since November 15, 2021.
From the perspective of Turkish investors, Bitcoin’s exchange rate against the Turkish Lira broke records, surpassing 2,000,000 TL. With an air of anticipation hanging over the market, many are speculating whether Bitcoin will climb to $69,000 before the much-anticipated halving event next month.
Bitcoin’s recent success is also reflected in its market capitalization, which has risen by over 5%, exceeding $1.278 billion. The trading volume experienced a dramatic 71% increase within a minute, crossing the $37 billion mark.
Altcoin Market Dynamics
Altcoins are also seeing significant activity, with Dogecoin (DOGE) leading the pack among the top 10 cryptocurrencies by market cap, registering a 25% increase over the last day. Cardano (ADA) follows suit with a gain of more than 10%, while Ethereum retains its position above the $3,500 benchmark, appreciating by 3.89%. Other leading altcoins including SOL, XRP, AVAX, and BNB are also joining the bullish trend, albeit at a slower rate.