Bitcoin (BTC) is moving closer to its all-time high, surpassing $65,000 after recording its largest weekly gain ever. Additionally, the cryptocurrency market reached a new milestone, surpassing the total market cap of $2.5 trillion (Source).
Bitcoin (BTC) Daily Price Chart
Bitcoin (BTC) is currently trading at $65,037. It achieved great success, rising 5.8% in the last 24 hours and 27.3% on a weekly basis, recording its largest weekly gain ever. Additionally, Bitcoin market cap exceeded $1.28 trillion. Bitcoin is just 6% away from its all-time high.
The approach of the Bitcoin halving event (about 51 days left) and the great interest in Bitcoin ETFs and increasing inflows are leading Bitcoin to rise further. And the enthusiastic atmosphere in the crypto markets and the increase in corporate purchasing demands bring with them historical gains.
Interest in Bitcoin exchange-traded funds (ETFs) is growing significantly with each passing week, led by BlackRock's iShares Bitcoin Trust (IBIT). The fund has shattered records in the last seven weeks, joining the $10 billion assets under management (AUM) club by setting an unprecedented record. It seems that institutional adoption of Bitcoin is increasing day by day and Bitcoin is hitting important milestones.
There is an enthusiastic atmosphere in the crypto market, while market leaders Bitcoin (BTC) and Ethereum (ETH) continue their rapid rise, altcoins also make significant gains. And now it looks like altcoin season is starting.
In December 2023, I had already said in my articles that 2024 would be the best year for Bitcoin, and I am happy to see that Bitcoin did not mislead me. (If you want, you can take a look at my blog). I even said last month that Bitcoin would hit a new ATH in March, this has not happened yet but I believe it will happen very soon.
The great interest of corporate companies in Bitcoin does not surprise me and I believe that adoption will increase even more in the coming months. In addition, the increasing demands for Bitcoin from institutional investors who are seeking to expand into the crypto market through traditional investment instruments are noteworthy, and I think the demands will increase further in the coming weeks.
I would like to say that it is quite remarkable that while individual investors behaved a little timidly, institutional investors behaved more courageously, this was almost the opposite in previous years. Bitcoin has now entered a new era, and I think its further adoption and growth is inevitable. Bitcoin exceeded $65,000 today, clearly showing that it is much stronger than before, but there may be a slight decline after each rise, but I believe it will hit a new ATH in March. And Bitcoin hitting a new ATH could trigger the real bull season, and I believe Bitcoin could reach $120,000 this year. And I still believe that this year will be Bitcoin's best year, I believe that it will break unprecedented records not only this year but also in the coming years. And I think the crypto market is still in its early stages, and in the coming years the financial world, even the whole world, will talk about the crypto era.
Thank you for reading
@rtonline
This is not investment advice, I talked about current developments and only my personal opinions. It is very difficult to know which direction the prices will go in the crypto market, I am just talking about my predictions and predictions may not come true. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
