As of 16:00 on March 4th (Vietnam time), the price of Bitcoin has increased by over 5% and surpassed the $65,000 mark, inching closer to the record level of nearly $69,000. Over the past week, the world’s largest cryptocurrency has risen by more than 27%.
The second-largest cryptocurrency has also climbed to $3,500, a 14% increase over the past week.
The bullish trend has spread to other cryptocurrencies as well, with notable increases of over 90% for Dogecoin, 28% for Solana, and 35% for Cardano.
Top 10 cryptocurrencies:
Source: CoinMarketCap
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Antoni Trenchev, co-founder of the digital currency exchange Nexo, predicted some resistance as Bitcoin approaches the $69,000 mark. “Breaking the $60,000 mark will only increase the interest of investors, especially retail investors,” he said.
According to JPMorgan, investor interest in cryptocurrencies has rebounded in February 2024 after a slowdown in the previous month.
Investors are anticipating a new record for Bitcoin this year as the Bitcoin ETF is launched, making the asset more accessible to institutional investors.
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Halving is an important event in the Bitcoin system that occurs every four years. After each halving, the number of newly created Bitcoins through the mining process is reduced by half. |
In addition, the upcoming halving event has garnered significant attention. This event is expected to take place in April 2024. Ryan Rasmussen, an analyst at Bitwise Asset Management, believes that due to the introduction of Bitcoin ETFs, the demand for Bitcoin is surpassing the supply.
“We’ve only seen the tip of the iceberg,” Rasmussen said, referring to the impact of Bitcoin ETFs. “Institutional capital is flowing into Bitcoin ETFs, and the demand is still increasing.”
