“BTC is the best! The year 2024 may be a new history for crypto.”
Cryptocurrency king Bitcoin (BTC) is one step away from breaking its all-time high as its price managed to climb to $68,663 driven by spot BTC ETF inflows, the halving event plus growing investor interest in the digital asset.
The streak, investor sentiment turned on extreme greed as measured by the Crypto Fear & Greed index where the level of greed on March 3, 2024 was the highest seen since November 8, 2021.
There is no denying that there are many macroeconomic problems brewing, but the price and open interest of BTC continues to rise and it should be noted that BTC officially set a new all-time high against the euro on March 4, 2024.
By observation, BTC investment trading volume for the week prior to March 4, 2024 reached a record of over $30 billion while large trading volume continued on March 4 with 19.6 million BTC ETF BlackRock spot shares traded in the first hour of market opening.
Please note that institutional investors are also pushing $7.6 billion into crypto at the moment following more than $1.8 billion having flowed into digital asset investment products by institutional investors in the past week.
Of the $7.6 billion put into crypto funds in 2024, over $7.3 billion flowed into BTC specifically where the total assets under management (AUM) for BTC dwarfed other digital assets with $62.71 billion currently in use.
Not only that, the number of BTC wallets holding non-zero BTC amounts remains above 51 million for the entire year 2024 while there are more BTC wallets than ever before and almost all addresses make a profit.
As of this writing, BTC price has surged by 7.47% to $68,542 in the past 24 hours with a market capitalization of over $1 trillion and has climbed 25.17% over the past week.
