Bitcoin‘s price is nearing its record high as it hovers around $66,395, with altcoins also showing significant gains. The leading cryptocurrency is on the brink of reaching its highest value ever as demand for Exchange-traded Funds (ETFs) soars, hinting that it could hit the $69,000 mark shortly. This comes amidst high expectations and investor interest, which remains unwaveringly robust.
Impressive ETF Performance
The US markets have only just begun trading for the day, yet BlackRock’s Spot Bitcoin ETF has already amassed $675 million in volume. This is a notable increase compared to the previously celebrated daily volumes of $3 billion, suggesting a potential new cumulative volume record could be set soon.
Bitcoin’s Market Value Soars
With a market capitalization exceeding $1.3 trillion, Bitcoin now stands as the ninth most valuable asset globally. A further 10% increase in value will propel it past Silver in the rankings, painting a stark contrast to the tumultuous days of November 2022 and leading to a potentially dreamlike scenario for investors.
Record-Breaking Trading Volumes
Bitcoin’s price surge above $66,000 indicates a likely volume record for the ETF channel. Cryptocurrency exchanges are witnessing a trading volume boom, with the total crypto market now supported by a $131 billion daily turnover, marking a 41.8% increase from the previous day. With Bitcoin’s Dominance Index at 53% and room for altcoin growth, the market is on an upward trajectory.
The market’s Fear and Greed Index has climbed to an impressive 86.4, even as Google trend data has yet to fully capture the growing investor excitement for Bitcoin. As the halving approaches with historical patterns suggesting a potential repeat, Bitcoin’s six-figure price target for the year appears increasingly achievable.
