The recent 24 hours of the crypto market have been the finest, with key cryptocurrencies such as Bitcoin, Ethereum, and others posting impressive gains. Specifically, Bitcoin price has shown a profit of more than 10% as a result of recent developments in the Crypto space.
The most valuable cryptocurrency, Bitcoin (BTC) is presently trading at ₹4,680,649.28, with a massive 24H-volume of ₹3.55 Trillion, pushing the whole crypto market cap to ₹177.5 Trillion.
Source: Trading View
Bitcoin Price Leading the Overall Crypto Market
Bitcoin’s price has recently broken above the $56,000 (₹4,641,500) level for the first time in two years, indicating that its 2024 rise is going to persist. The reason for this price increase is ongoing spot Bitcoin ETF inflows, the imminent supply halving, and overall favorable investor sentiment on the retail and institutional sides.
According to CoinShares‘ statistics, BTC investment products accounted for 99% of all inflows during the last 7 days. Bitcoin attracted $569.5 million in inflows, raising the total worldwide assets under management to $67.5 billion.
Source: Blockworks
According to Yahoo Finance, Bitcoin ETFs have received $5.5 billion in inflows since their market launch on January 11. According to CoinShares, the cryptocurrency products have generated a net of $5.8 billion since they began trading.
Bitcoin ETFs are climbing in tandem with the price of bitcoin. BlackRock’s Bitcoin ETF IBIT rose 5% shortly after Wall Street started on Monday, February 26, reaching an all-time high.
Growing Sentiments of Retail & Institutional Investors
MicroStrategy, the largest corporate Bitcoin holder, contributed to the current trend of bullish institutional interest in Bitcoin. In a Feb. 26 post on the X social media platform, MicroStrategy’s founder and chairman Micheal Saylor said that the company had purchased an additional 3,000 BTC for a total of $155 million (₹12.84 Billion) between Feb. 15 and Feb. 25.
Apart from that, Coinglass data show that interest in the Bitcoin futures market has increased by 102% since mid-October, reaching a current value of $23.43 billion. Notably, this is close to the $24 billion record high set in November 2021, when Bitcoin price achieved all-time highs of almost ₹5,701,700.
Moreover, the increase in the BTC OI confirms the present volatility in Bitcoin’s price and indicates renewed investor interest in the pioneer cryptocurrency. According to Coinglass statistics, $41.85 million in Bitcoin short positions were liquidated on February 26 as a result of the recent price spike, compared to $9.7 million in long liquidations.
This growing interest in Bitcoin price is propelling the broader crypto market to new heights, demonstrating Bitcoin’s growing significance in the global crypto market. Meanwhile, among the top crypto gainers on SunCrypto, PEPE coin ranks first with 55%, followed by THETA (44.80%), 1EARTH (39.40%), GPT (31.14%), and many more.
Conclusion
The recent surge in the Bitcoin price to over $56,000 is indicative of a sustained bull run in the crypto market. This upward momentum is being driven by continuous inflows into spot Bitcoin ETFs, which have seen significant investment in recent weeks.
Additionally, the growing interest from both retail and institutional investors further supports the bullish sentiment. With Bitcoin’s increasing significance in the global crypto market, coupled with renewed investor interest and growing adoption, it appears likely that the current bull run will continue in the foreseeable future.
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