Bitcoin (BTC) is leading the cryptocurrency market revival, rallying 5.7% in the daily charts, 27.1% in the weekly charts, and more than 50% over the previous month. Moreover, the original crypto has rallied by 191.4% since March 2023.
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BTC is currently down by only 5.8% from its all-time high of $69,044, which it attained in November 2021, over two years ago. With BTC’s halving cycle fast approaching in April this year, the asset may reclaim and surpass its 2021 peak.
Why is Bitcoin (BTC) up today?
Bitcoin’s (BTC) latest surge over the last few days is likely due to increased inflows into spot BTC ETF (Exchange Traded Fund) products. In a historic development, the US SEC (Securities and Exchange Commission) approved 11 spot BTC ETFs in January this year.
BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed the $10 billion mark in just seven weeks. The US gold-backed ETFs took over two years to achieve the same feat. According to Bloomberg ETF analyst Eric Balchunas, ‘Gold’s pain is Bitcoin ETFs’ gain in the store of value smackdown.‘
Also Read: Bitcoin’s Bull Run at Risk: JPMorgan Eyes $42K Slide Post-Halving.
The development shows the popularity of BTC ETFs among institutional investors. Institutional money is one of the most significant market movers and may continue to push BTC’s price.
Furthermore, Bitcoin’s (BTC) fear and greed index currently sits at 82, signaling “Extreme Greed” among investors.
Bitcoin (BTC) Halving Live Countdown
With BTC’s halving cycle in April, we may see more funds flowing into the original crypto. Analysts anticipate a crypto market bull run, fuelled by BTC’s latest price spike. BTC’s gains may pour into other assets, leading to a market-wide rally. Some analysts have gone as far as to predict BTC hitting the $1 million mark in 2024.