Bitcoin, Ether Scale Fresh Peak On Growing Investor Demand
By Laxmikant Khanvilkar
Virtual digital assets (VDA) prices have rose through the roof in the past 24-hours as buying frenzy reached unprecedented levels. Volume soared higher on several exchanges as bullish sentiment seen in the cryptocurrency space.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, hit a record high of $72,771.50 after surging more than 70% year-to-date, in a rise that helped its total market capitalization surpass that of silver.
BTC was recently trading at $72,054 up 5.5% in the last 24-hours. Bitcoin’s market capitalization now stand at $1.413 trillion.
Bitcoin price rise is partly attributable to demand from the newly launched spot Bitcoin exchange-traded funds (ETFs) in the United States, including offerings from some of the world’s largest asset managers BlackRock and Fidelity.
Its upcoming halving event, which will cut in half the coinbase reward miners receive for finding a block, is also expected to help the cryptocurrency’s price surge, as supply entering the market will be cut in half while institutional demand keeps on rising.
The stupendous price surge has caught eye of several marquee investors including renowned hedge fund manager Bill Ackman, who has revealed intention to buy the cryptocurrency during a discussion with Michael Saylor, the co-founder and executive chairman of MicroStrategy.
Elsewhere, Ethereum (ETH) surpassed $4,000 mark ahead of much awaited Dencun upgrade. The second-largest crypto asset recently exchanged hands at $4,055 adding nearly 6% over the last 24-hours. Ether was joined by Ripple’s XRP, solana (SOL), Cardano’s (ADA), to report gains on strong bullish momentum.
The global crypto market cap increased 5% to $2.73 trillion in the last 24 hours. The total crypto market volume rose 52.6% to $169 billion. Total volume in DeFi is currently $13.9 billion, and all stablecoins are $153.5 billion, representing 8.2% and 90.6%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52%, up 0.1% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 5.3% to 92,963.
Meanwhile, perpetual trades are buzzing with lots of buying activity. Deribit-listed Bitcoin call options with a strike price of $200,000 have seen a notional open interest of over $20 million.
Booming ETF inflow, perpetual trade points to further price gains on card for Bitcoin. That’s giving enough confidence for the leading broker Bernstein to reiterate its bitcoin price target of $150,000 by mid-2025.
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