The Bitcoin price hit a session high of $65,565. It was last up 5.2% at $65,138. From the current market price, Bitcoin is just 6% away from its all-time high of $68,999.99, which it touched in November 2021.
The crypto token is up 50% this year and most of the increase has come in the past few weeks, where inflows into US-listed Bitcoin funds have increased.
Net flows into the 10 largest US spot Bitcoin funds reached $2.17 billion in the week to March 1, with more than half of that going into BlackRock’s iShares Bitcoin Trust, according to LSEG data.
Commenting on the rally of Bitcoin, Edul Patel CEO of Mudrex said, “There is a positive sentiment across the market with institutional demand, spot Bitcoin ETFs growth, and the approaching halving event.””Out of 19.6 million Bitcoin currently circulating in the market, 13.6 million which is close to 70% is in the possession of holders who have been holding on to Bitcoin over a one-year period which shows increasing long-term investment sentiment. If this trend continues, we are likely to see Bitcoin beating its all-time high any day now,” said Edul.In line with Bitcoin, other cryptocurrencies are also trading higher. The second largest crypto token Ethereum surged 2.7% to $3,508, while Solana, XRP, Cardano, Dogecoin, Shiba Inu, and Polkadot rose up to 14%.Shivam Thakral, CEO of BuyUcoin, said, “Ethereum, on the other hand, is trying to break the $3,600 level, which could potentially push the second-largest cryptocurrency beyond $4,000.”
The total crypto market volume over the last 24 hours is $121.27B, which makes a 33.3% increase. The total volume in DeFi is currently $9.05 billion, 7.47% of the total crypto market 24-hour volume. The volume of all stablecoins is now $108.07 billion, which is 88.12% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $1.279 trillion. Bitcoin’s dominance is currently 52.67%, according to CoinMarketCap. BTC volume in the last 24 hours rose 110% to $44.72 billion.
The global cryptocurrency market cap surged 4.05% to around $2.43 trillion in the last 24 hours.
(With inputs from agencies)
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