Coin Edition -
- Bitcoin nears an all-time high, trading at $67,980 with a 20.6% weekly surge.
- BTC’s market cap exceeds $1.3 trillion, surpassing Meta Platforms and silver.
- Spot ETFs and global trading volume booms signal strong Bitcoin market confidence.
The crypto market is experiencing a noticeable increase as Bitcoin (BTC) is inching closer to surpassing its highest peak. The cryptocurrency posted a steep rally that saw it hit $68,800 before pulling back to $67,373, representing a 24-hour rise of 5.6% and a huge 19.6% over the week, as per CoinStats data.
BTC/USD 7-day Price Chart (source: CoinStats)
This rise brought Bitcoin close to its all-time high figure of $69,045, which was recorded in November 2021, therefore triggering talks on market dynamics and the trajectory the cryptocurrency may follow in the future.
Market Dynamics and Capital Inflow
The past few weeks have been significant for Bitcoin, which has reported an increase in investment, particularly in Bitcoin funds listed in the U.S.
Valued at more than $1.3 trillion now, the market capitalization of Bitcoin boosts its level to the eighth most valuable asset and is even higher than that of Meta Platforms (META) and Silver.
Silver has exited as a form of money for 9,000 years. In just 15 years, #Bitcoin has surpassed the value of all the silver every mined over the past 9,000 years. #BTC is now the 9th most valuable asset on planet Earth, and it's the youngest. At 15 years old, #btc… pic.twitter.com/RSWMKlTQ0d— Oliver L. Velez ⚡️ 13%'er Bitcoiner (@olvelez007) March 5, 2024
This growth in Bitcoin’s market position can be linked to a number of factors, which include the development of spot Bitcoin Exchange-Traded Funds (ETFs) and the increasing interest from both institutional and retail investors.
Influence on the Wider Cryptocurrency Market
The rally of Bitcoin has created a wave in the cryptocurrency market and has lifted other digital tokens, in particular, memecoins. For example, Dogecoin and Shiba Inu have both gained 90% and 270%, respectively, in the last month.
Such an upsurge in memecoins reveals a revival of retail investors, who had been somewhat dormant in the early stages of the recent market upswing. The revival of these investors is shown by the jump in the weekly trading volume of memecoins to a level reached in late 2021.
Ethereum & Bitcoin are both up!