Bitcoin Fast Approaching $60,000 As BTC F&G Index Hits ‘Extreme Greed’ – Details
28 Februar 2024 - 12:40PM
NEWSBTC
After rising 5% in the last day, Bitcoin (BTC) is now rapidly
nearing the coveted $60,000 mark. This is because investor interest
in the largest cryptocurrency in the world has reached levels last
seen during a 2021 boom, bringing it very close to its all-time
high. Pre-Halving Rally? Bitcoin Nears $60K The increase in price
coincided with a surge in demand as spot bitcoin exchange-traded
funds (ETFs) achieved trading volumes of over $3 billion
cumulatively on Tuesday. Additionally, other traders cited the
anticipated April bitcoin halving as the source of a fresh
narrative that spurs a pre-halving increase. The world’s most
sought-after digital asset’s market cap has now reached $1.2
trillion, Coingecko data shows. Bitcoin fast approaching the $60K
level. Source: Coingecko Joel Kruger, a market strategist at LMAX
Group, stated that the market is “that much more determined to see
the level retested and shattered” now that bitcoin is that much
closer to retesting its record high. Due mostly to the euphoria
surrounding a number of spot bitcoin exchange-traded funds that
began trading in January, bitcoin has increased by as much as 16%
this week and 35% so far this year. Bitcoin market cap currently at
$1.16 trillion. Chart: TradingView.com Bitcoin reached its highest
level since November 2021 when it surpassed $59,000. The objective
of the present surge is to see if the price can rise to $68,790,
its all-time high. Six months before a stunning crash in 2022, that
peak occurred. According to Coinglass data, futures bets on lower
bitcoin prices have taken on $25 million in liquidations since
Asian morning hours, which could have contributed to the price
rise. ‘Extreme Greed’ For BTC In the meantime, on Wednesday, the
Fear and Greed Index—a sentiment indicator that measures how
quickly asset movement deviates from underlying
fundamentals—flashed 82, signaling “extreme greed” and hitting its
highest level in more than a year. Source: Alernative.me A scale of
0 to 100 represents the most anxious and 100 is the most greedy on
the index. According to the index’s creators, an environment that
is hungry is indicative of exuberance and shows the market is due
for a correction. Since the ETFs started trading on January 11,
Bitcoin has increased by 24%. The current upward trend in pricing,
according to Bitwise Asset Management analyst Ryan Rasmussen, is
merely the beginning. “The demand that ETFs are generating for the
spot bitcoin market is substantially greater than the daily
production of fresh supply,” he stated. In the end, Rasmussen
stated: “What we’re witnessing is cryptocurrency kind of rising
from the ashes of the 2022 market.” The volume of bitcoin trades
made thus far this quarter has exceeded the totals for each quarter
of 2023 for the same period. Major cryptocurrency trading platforms
like Coinbase Global (COIN) and Robinhood (HOOD) have benefited
greatly from this activity. Between the start of January and now,
those stocks have increased by 27% and 31%, respectively. Featured
image from Pexels, chart from TradingView
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