Updated February 28th, 2024 at 19:52 IST

Bitcoin crosses $60,000 mark driven by strong spot ETF inflows

The total market capitalisation of the crypto market has also crossed the $2.2 trillion mark with 4.41% gain and currently stands at $2.24 trillion.

Reported by: Anirudh Trivedi
Bitcoin | Image:Republic
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Bitcoin rally continues: Bitcoin, the largest cryptocurrency by market capitalisation, has hit a 27-month high by crossing the $60,000 mark for the first time since November 2021. The strong Bitcoin rally is reportedly driven by new spot Bitcoin ETFs continuing to add another 12,000 Bitcoins on Tuesday after 10,000 on Monday. On the other hand, Ethereum, the second most valuable cryptocurrency, has only shown minor gain and currently hovering close to $3,350. 

Bitcoin price chart | Image credit: CoinMarketCap

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Currently, Bitcoin is trading at $60,454.65 with close to a 5.9 per cent price rise in the last 24 hours. The total market capitalisation of the crypto market has also crossed the $2.2 trillion mark and currently stands at $2.24 trillion with Bitcoin contributing $1.18 trillion of the total market capitalisation.

According to WatcherGuru, $90 million worth of Bitcoin shorts has been liquidated in the past 24 hours, indicating that short-term traders booking heavy profit amid the strong bull rally. Leading crypto experts are expecting Bitcoin to continue with the bull run and anticipating the highest-ever monthly close for Bitcoin.  

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The upcoming Bitcoin halving event along with the hopes of interest rate cuts in the upcoming fed meetings is fueling the bullish sentiment around Bitcoin. 

Siddhartha Gupta, SVP, Business and Strategic Alliances, CoinDCX in conversation with Republic Business, suggest that Bitcoin is potentially set to surpass its previous highs as we move into March. 

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While Shivam Thakral, CEO of BuyUcoin states that the current rally is expected to continue its upward trend well into the halving which is slated for April 2024. Thakral said, “After the halving event, the supply pressure will increase further and may take BTC value even higher. We can expect BTC to touch the $100,000 mark by the end of 2024 if macroeconomic factors remain favourable.”

Avinash Shekar, Cofounder & CEO, Pi42 said, “With the prices subject to surge in the near future, the anticipation of a rally may push investors to put outsized bets on the asset. Another key event that has given rise to fairly new traders is the BTC ETFs which was approved recently and has traded a cumulative $2 billion.”

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Published February 28th, 2024 at 19:31 IST