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Updated March 5th, 2024 at 10:54 IST

Bitcoin nears all-time-high as it zooms past $68,000, ETH gains 7%

BTC has grown 56% past month and over 150% in the last 6 months. With a market cap of over $1.3 tn, BTC is larger than nearly all listed companies in the world.

Reported by: Anirudh Trivedi
Bitcoin
Bitcoin | Image:Unsplash
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Bitcoin nears ATH: In early trade this morning, Bitcoin inched closer to its all-time high of $68,789, shying away only $4 to break past this major milestone. After breaking past the $68,000 level, Bitcoin settled below this mark and currently hovers under $67,000 with close to 5 per cent gains in between Tuesday and Wednesday. 

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BTC has grown over 50 per cent over the past month and over 150 per cent in the last 6 months. With a market cap of over $1.3 trillion, BTC is larger than nearly all publicly traded companies while also closing in on silver as a commodity. With the halving still underway, we may get to see BTC prices go even higher and hit new ATHs before retracing and continuing its rise.

Crypto’s fear and greed index has hit 90 (extreme greed) indicating that the market is getting an extended run as Bitcoin goes into price discovery mode.

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Image credit: Alternative.me

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While talking about the strong bull rally in Bitcoin, CoinDCX Research Team said,  “In the last 24 hours, the market continued its upward trend, with BTC almost reaching its all-time high but falling short. Despite this, BTC reached a new yearly high of $68,850, while ETH crossed the $3,700 mark. BTC continues to outperform ETH, driven by increasing ETF inflows.”

“Technically, BTC remains bullish with no signs of reversal yet. The key challenge is breaching and sustaining above the 2021 peak level of $69,000, which could lead to further upside. Also, The SEC's delay in approving BlackRock's and Fidelity's spot ETH ETFs is seen as a positive development for ETH. This delay increases the likelihood of approval later, similar to what was observed with BTC. For ETH, the next key level to clear is $3,830,” added CoinDCX. 

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Comparing the market capitalisation of Bitcoin with that of Silver, Rajagopal Menon, Vice President, WazirX said, “Bitcoin (BTC) sustains its remarkable momentum, surpassing the $67,000 threshold and approaching its all-time high of $69,000. The crypto's market capitalisation is nearing $1.4 trillion, competing with silver. Breaking free from a week-long consolidation below $64,000, BTC surged to $68,800 on Tuesday. This year's swift ascent solidifies BTC's position as one of the largest global assets, with a current market cap exceeding $1.3 trillion.” 

According to Menon, Monday's surge led to the liquidation of approximately $120 million in Bitcoin shorts. 

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Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “Institutional participation via spot BTC ETFs and the investor’s anticipation ahead of BTC halving seems to be the key drivers for BTC’s price performance. According to Bloomberg, spot BTC ETFs recorded their second-strongest daily volume yesterday with $5.5 billion worth of shares traded. BlackRock’s IBIT ETF hosted $2.4 billion worth of volume alone, with its AUM climbing to $11 billion.” 

Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin experienced a significant surge yesterday, pushing the largest cryptocurrency up by more than 10 per cent in a day. After breaking through $68,500, Bitcoin is only $500 away from its All-Time High of $69,000. Ethereum, on the other hand, is on the path to breach $4000 amid memecoin frenzy.”

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Edul patel, CEO of Mudrex believes that Bitcoin is all set to break past its all-time-high anytime now if the institutional investment flow continues. Patel said, “According to IntoTheBlock, there has been a 5 per cent year-to-date increase in the number of whales holding at least 1,000 Bitcoins. Furthermore, 97 per cent of all Bitcoin addresses are currently in a profitable state, showcasing a surge in demand. Out of the 19.6 million Bitcoins currently in circulation, nearly 70 per cent (13.6 million) are held by hodlers who have maintained their positions for over a year, reflecting a growing long-term investment sentiment. If this trend continues, Bitcoin is on track to surpass its all-time high anytime now. Meanwhile, Ethereum has surpassed the $3,600 mark for the first time since January 2022, driven by strong demand.”

Citing the possibility of Bitcoin crossing $70,000 in the short term, Vikram Subburaj, CEO, Giottus said, “Bitcoin has surged past $68,000 and is inching closer to registering a new all-time high. The current price action reflects strong bullish sentiment and if Bitcoin ETF inflows continue with such momentum, the asset could easily surpass $70,000 in the near term.” 

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“Altcoins have started to experience the ripple effect of the Bitcoin rally even though BTC dominance is nudging towards 55 per cent. Ethereum is now above $3,600 and is playing catchup to Bitcoin. Meanwhile, memecoins are rallying well with DOGE, SHIB, PEPE and BONK all registering double-digit growth. Key upside targets for altcoins: Ethereum ($3,700), BNB ($440), Solana ($140), Cardano ($0.84), and XRP ($0.70),” added Subburaj. 

Retail FOMO driving memecoin rally

Highlighting the sudden surge in memecoin prices, Chaturvedi said, “We are also seeing the rise of meme coins, with roughly 7 meme coins now ranking among the top 100 cryptos by market capitalisation. With a total market cap of over $54 billion, the rise of meme coins indicates a shift in investor interest towards this bucket of crypto assets. However, with the rise of the crypto market comes retail FOMO, which may have induced speculative buying. In terms of stablecoins, Tether’s USDT touched $100 billion market cap. as a result of increased market participation.

While Menon said, “Meme coins steal the spotlight, with dog-themed cryptos Dogecoin (DOGE) and Shiba Inu (SHIB) experiencing significant surges of 30 per cent and 100 per cent, respectively, in the past 24 hours.” 

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Published March 5th, 2024 at 10:54 IST

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