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Breaking Records: Bitcoin Hits Highest Level Since Late 2021
Bitcoin, the world's leading cryptocurrency, marked an impressive milestone on March 4 by surpassing the $64,000 mark, reaching its highest level since late 2021. The digital asset's value briefly touched $64,285, closing the session at $63,850, demonstrating a 2% gain for the day. This surge brings Bitcoin within striking distance of its record high of $68,999.99, set in November 2021.
2024 Bull Run: Bitcoin Records 50% Gain, Fueled by Increased Trading Volume
In 2024, Bitcoin witnessed a remarkable 50% surge, with significant momentum gained in recent weeks, coinciding with a surge in trading volume for US-listed Bitcoin funds. The approval of Spot Bitcoin exchange-traded funds in the United States earlier in the year has played a pivotal role in attracting new large investors, reigniting enthusiasm reminiscent of the 2021 bull run.
Global Impact: Bitcoin's Performance Mirrors Broader Market Trends
As Bitcoin continues its upward trajectory, crypto enthusiasts and analysts like Markus Thielen, Head of Research at 10x Research in Singapore, note that investor confidence remains high. "The flows are not drying up as investors feel more confident the higher price appears to go," says Thielen.
Ether Rides the Wave: Ethereum Gains 50% Year-to-Date Amid ETF Speculation
The positive sentiment extends to Ethereum, Bitcoin's rival, which has seen a 50% increase in value year-to-date. Speculation around the potential approval of exchange-traded funds for Ether has contributed to its surge. Despite hitting $3,490 on March 4, Ethereum remains just shy of its two-year highs from the previous week.
Market Outlook: Bitcoin Shines Amidst Global Stock Index Records
The cryptocurrency rally aligns with record-breaking performances in global stock indexes such as Japan’s Nikkei, the S&P 500, and the Nasdaq. Analysts, including Brent Donnelly from Spectra Markets, view Bitcoin as a high-volatility tech proxy and liquidity thermometer in a market reminiscent of the exuberance seen in 2021.