Bitcoin Surpasses $45K As Investors Pile On Spot BTC ETFs
By Laxmikant Khanvilkar
Virtual digital assets (VDA) continue to witness active investor participation led by spot Bitcoin (BTC) exchange traded funds (ETFs), the recently launched investment product that allows investors an exposure to this highly volatile asset class without buying the underlying asset physically.
Investor frenzy saw the recently launched spot bitcoin ETFs, excluding Grayscale’s GBTC, now hold more bitcoins than MicroStrategy.
As a result, the price of the largest cryptocurrency by market capitalisation has breached $45,000 mark for the first time since the day after the spot ETFs began trading on Jan. 11. and is set to cross $48,000 in short term, as per analysts forecast. It recently changed hands at $45,312 up 1.4%.
While bitcoin was seen gaining the traction, Ethereum (ETH), the second largest cryptocurrency, encountered a stiff resistance as the date for the Dencun upgrade – the much touted proto-danksharding was announced. March 13, is the date when the blockchain will move to the cost effective layer 2 network.
ETH recently traded at $2,425 losing 0.4%.
The broader altcoin market also showed signs of rebounding from oversold levels. Solana’s SOL and Cardano’s ADA led gains.
SOL, the fifth-largest token by market capitalization, reclaimed the $100 level, erasing the price drop when the Solana network suffered an outage of five hours.
The global crypto market cap increased 1.40% to $1.72 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 13% to $57.7 billion. Total volume in DeFi is currently $4.4 billion, and all stablecoins are $54 billion, representing 7.7% and 93.7%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.7%, up 0.42% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 1.3% to 57,860.
Meanwhile, the U.S. lawmakers have criticised Gary Genseler, Chairman, Securities and Exchange Commission (SEC) for misrepresenting evidence in a lawsuit against the blockchain project DEBT Box.
Elsewhere, JPMorgan’s survey revealed interesting insight into VDA investing with fewer institutional traders planning to trade cryptocurrencies, 61% respondents expect AI and machine learning to shape the future of trading in the next three years.
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