As trade picks up and market confidence grows, Bitcoin, the first cryptocurrency, gets closer to its all-time high. BTC has made a big comeback since it dropped below $66,000, and the market as a whole sold off. Today, BTC is up more than 4%.
Bitcoin exchange-traded funds (ETFs) have a lot of funds, which is why the price is going back up. The net flow of these funds was an amazing $570 million last week. They each saw net amounts of over $200 million on Thursday and Friday. Major investments like these show that big companies are becoming more interested in BTC.
Bitcoin’s Upcoming Halving Event Fuels Market Sentiment
People are even more excited about Bitcoin’s split event, which will happen later this month. People are even more excited about this event now that BTC Cash (BCH), a well-known BTC network fork, has split. The value of BCH tokens went through the roof after their value was cut in half. They went up by 10% and an amazing 60% in just March.
Traders and experts think Bitcoin’s value will increase after it is split in half. Many well-known people in the business, like Anthony Scaramucci of SkyBridge Capital, have been positive. Scaramucci said that BTC could hit $170,000 during the expected bullish cycle that would follow the halving.
Along with the price rise, 70% more Bitcoins are being sold every day than there were yesterday. The fact that trading has picked up shows that buyers are more interested in the coin and believe it has more room to grow.
Bitcoin hit its all-time high over a month ago at $73,737. This is very close to that level. There is increasing discuss that BTC could hit a new high soon. The market appears positive now, and more people are buying.
Bitcoin is still getting more fans and investors interested in it. Its progress toward new milestones shows how digital assets are changing and how appealing open finance will always be. The fact that BTC is still very popular and strong shows that the cryptocurrency market has a bright future, but we don’t know if it can hit new heights.
