Bitcoin Price Hits $60,000; Here’s the Background of the Bullish Rally!

  • The world’s largest cryptocurrency by market capitalization, Bitcoin, surged by over 6% in the last 24 hours, reaching $60,000.
  • According to Coinglass data, the price movement caused liquidation of over $100 million in Bitcoin positions in the last 24 hours, with almost $72 million from short positions.
  • BitMex Research reported that BlackRock’s iShares Bitcoin ETF (IBIT) recorded the largest daily inflow of $520 million on Tuesday.

Bitcoin’s price has significantly reached $60,000 today; what factors are behind this price surge?

Bitcoin Price Reaches $60,000 Again

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On Wednesday, Bitcoin surpassed $60,000 for the first time since November 2021, with a more than 6% increase in the last 24 hours. The world’s largest cryptocurrency by market capitalization reached $60,000, with a market capitalization increase of over 6% in the last 24 hours. Meanwhile, the GM 30 Index, representing a selection of the top 30 cryptocurrencies, rose by 2.8% in the last 24 hours, reaching 125.37.

According to Coinglass data, the price movement caused liquidation of over $100 million in Bitcoin positions, with almost $72 million from short positions. Bitcoin’s value has increased by over 42% since the beginning of February, and the dominance of the leading cryptocurrency is currently at 50.3%, while it is 17.2% for Ethereum.

BitMex Research reported that BlackRock’s iShares Bitcoin ETF (IBIT) recorded the largest daily inflow of $520 million on Tuesday, surpassing the total inflow of $111.8 million recorded on Monday.

Yesterday’s inflows for IBIT were more than 5% above the previous record set on February 13, which was $493.1 million, and it surpassed the total net inflow of $519.8 million recorded for all U.S. spot Bitcoin ETFs on Monday, according to BitMEX Research data.

BitMex Research added that the total net inflow for all spot Bitcoin ETFs reached a multi-week peak yesterday since the launch of spot Bitcoin ETFs on January 11. The total net inflows for spot Bitcoin ETFs since their launch now amount to $6.7 billion.

Bitcoin Miners Accumulate

According to the K33 market report on Tuesday, miners increased their accumulation rates ahead of the expected halving event in April. “Publicly listed Bitcoin miners have held 29% of all Bitcoin rewards over the past three months, a significant increase from the average of 2.5% between January and November,” said K33 analysts.

The report added that the likely reason for the increased accumulation rate of Bitcoin miners comes from two components: rising prices and some miners deferring sales to support lower rewards after the halving.

According to K33, Bitcoin typically experiences a rally leading up to the halving and then consolidates afterward. The report added, “For the three previous halving cycles, Bitcoin has provided a solid 30% average pre-halving return over 50 days. Interestingly, all halvings have followed a modest performance with an average 3% 50-day post-halving return.”

The halving is expected to take place on April 20, which means we will enter the 50-day pre-halving window in a few days.

Increasing Retail Interest

Another factor supporting the price movement of Bitcoin is signs of increased retail activity in the cryptocurrency market. Ryze Labs analysts stated, “Coinbase’s filings on February 15 showed that trading volumes reached their lowest point in Q3 2023 but have seen a notable increase in retail participation since then. This increase aligns with growing interest among retail communities, particularly in areas that have attracted more attention in the last month, such as gaming, NFTs, and social platforms.”

Analysts supported their comments with data obtained from Coinbase’s filings, indicating an increase in both trading volume and retail activity from Q3 to Q4. This rise in retail activity has reversed a several-year decline.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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