Bitcoin’s recent bull run is the latest development catching significant attention within the crypto space. The price of BTC rallied past $63,000, marking its official bull phase.
With Bitcoin’s price rallying past the anticipated threshold, several altcoins have also been climbing, rising in valuation. With Bitcoin’s striking price ascent, the crypto community is speculating on various factors driving its growth.
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Why Did BTC Rally Past $63,000?
Bitcoin is often dubbed a strong sentiment-driven asset. With leading market giants like BlackRock and VanECK launching Bitcoin spot ETFs, the price of BTC took a direct, impactful hit.
With Bitcoin-backed ETFs in the mix, the industry bridged the power of traditional investment mechanisms with a solid digital asset. This development further boosted investors’ confidence in the space.
With Bitcoin packed in the guise of dependable ETFs, it bolstered investor sentiment, driving significant inflows and its price to new levels.
Per recent reports, BlackRock’s IBIT broke all records, noting “an inflow of $520 million on Tuesday. It accounted for the vast majority of inflows for the day, which totaled $576.8 million.”
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Bitcoin Halving Is Nigh
The historic event of Bitcoin Halving, which is set to take place on April 19, 2024, is also poised to boost BTC’s price momentum.
With halving affecting forces like BTC scarcity and supply/control, BTC is poised to gain further after experiencing slight price volatility at play.
Correlation of Bitcoin with the Stock Market
Bitcoin is often closely linked to high waves being made in the stock market. The recent stock market rally triggered by Nvidia, with the S&P 500 reaching new highs helped BTC gain major market momentum.
This also helped direct investor sentiment toward highly volatile assets like Bitcoin. This in turn helps drive the BTC rally up a notch.