Blockchain

February was undoubtedly an amazing month for Bitcoin, with the cryptocurrency going on a 39% surge to cross over $60,000. Notably, price history has shown this is the second most profitable February in the history of Bitcoin and the most profitable February in 11 years. 

Indeed, many market players have anticipated this price surge to continue throughout 2024 as the next Bitcoin halving approaches. According to an analysis from trading expert Peter Brandt, the price of BTC is set to skyrocket to $400,000 after the next halving.

Crypto Expert Peter Brandt Predicts Bullish BTC Price Points After Halving

Bitcoin halvings, which slashes the mining reward for miners into two, are known to trigger massive bull runs before and after they are completed. Indeed, the pre-halving bull run seems to have repeated itself, as Bitcoin has jumped over multiple resistance levels since the beginning of January and is now nearing its all-time high of $69,000, which it reached in November 2021.

Brandt’s analysis is majorly based on gains after past halvings as a percentage of gains before halvings. Consequently, the analyst projected past price behavior into the future after April’s halving is completed. 

Per his analysis, BTC’S current cycle reached its low in November 2022 and is now at 75 bars (weekly bars). If the bull trend extends 75 bars after the next halving, a price high of $150,000 is estimated to occur in early October 2025. 

Brandt’s analysis also pointed out three different scenarios that occurred after the last three halvings. After the first halving in 2012, Bitcoin went on a 5x gain as a percentage of its pre-halving gains. If the same were to happen after 2024’s halving, Bitcoin could reach $275,000. 

Similarly, 2016’s halving saw Bitcoin going on an 8x gain of its pre-halving gains. If Bitcoin were to go on a similar 8x route, it could reach as high as $400,000 before the next market phase. Lastly, 2020’s halving produced a modest 2x return of its pre-halving gains. A 2x repeat applied to a BTC price of $50,000 would see the crypto reaching $100,000 at the end of the current market phase. 

Bitcoin Set To Keep Shining

At the time of writing, Bitcoin is trading at $62,600, up by 21.25% in the past seven days. From a technical perspective, Bitcoin looks prime to continue on its bull run in the current market cycle with virtually no resistance

On-chain fundamentals point to increased accumulation from traders. Data shows that even short-term holding whales are now sitting on over $7.3 billion in unrealized profit, but they still continue to hold. If this bullish sentiment continues, we could see Bitcoin reaching a new all-time high in March.

The price of Shiba Inu (SHIB) has surged by 28% in the last 24 hours and 45% in the last seven days. Today’s surge can be attributed to a confluence of factors, including a rekindling meme coin frenzy, actions by crypto whales, a favorable chart setup, and significant partnerships and ecosystem expansions. Here’s an in-depth look at these pivotal elements fueling SHIB’s impressive rally.

#1 Meme Coin Frenzy

In the wake of yesterday’s significant Bitcoin surge, there’s seemingly a noticeable resurgence of interest in higher-risk investments within the crypto sphere. An examination of the most recent 24-hour performance data reveals that the top three performers among the top 100 cryptocurrencies, measured by market capitalization, are all meme coins.

Leading the pack is BONK with an impressive 52% gain, followed by Dogecoin with a 33% increase, and SHIB rounding out the trio with a 25% rise. This trend suggests that we may be on the cusp of another meme coin rally.

Crypto analyst Rekt Capital has contributed to this narrative by sharing a chart depicting the total market capitalization of altcoins, excluding the top 10. His analysis, encapsulated by the remark, “ALTS Altcoin Market Cap is on the right track,” highlights a breakthrough past a significant resistance level. The market is now poised to target a $315.57 billion valuation, currently standing at approximately $272 billion.

$ALTS

Altcoin Market Cap is on the right track#BTC #Crypto #Bitcoin pic.twitter.com/wNJ7grLbFl

— Rekt Capital (@rektcapital) February 29, 2024

#2 Whale Movements

A notable development that has captured the crypto community’s attention is that a whale has made significant moves within the meme coin market, particularly with Shiba Inu (SHIB) and Pepe (PEPE). These transactions came to light through the analysis of Lookonchain, which detailed the whale’s manoeuvres on social media.

According to Lookonchain’s insights, this unidentified investor transferred an eye-catching 1.97 trillion PEPE tokens, valued at around $6.07 million, to Binance. This strategic shift yielded a profit of $3.49 million, showcasing the investor’s adept timing and market navigation skills. Subsequently, capitalizing on this lucrative outcome, the whale pivoted towards Shiba Inu, withdrawing 75.9 billion SHIB tokens—equivalent to $893,000—from Binance mere hours later.

#3 Chart Setup

Another contributing factor might have been a bullish pattern for SHIB which emerged three weeks ago, foreshadowing a potential upturn in its market trajectory. Since mid-December 2023, SHIB’s price movement has been characterized by a descending parallel channel.

A pivotal moment came on February 7, when SHIB broke free from this channel, surpassing the 200-day Exponential Moving Average (EMA) and subsequently breaching the 20- and 50-week EMAs. This development has set the stage for the current rally.

This breakout is of particular interest because it reflects a similar pattern observed in October 2023, when SHIB experienced a breakout from a descending channel, leading to an almost 80% increase in its value over the span of 59 days.

Should the SHIB market replicate this historical performance, the target might be set at the 0.786 Fibonacci retracement level, priced at $0.00001525. Achieving this would represent a significant rally of approximately 73%.

#4 Partnerships and Expanding Ecosystem

Yesterday, the SHIB team announced a partnership with Zama, a leader in Fully Homomorphic Encryption (FHE) technology. This collaboration aims to enhance the privacy and security features of the SHIB ecosystem.

Zama’s expertise in cryptography and FHE will enable SHIB to process data in its encrypted state, ensuring user privacy and data protection. This strategic alliance not only fortifies the ecosystem’s security but also showcases SHIB’s commitment to innovation and user trust.

Shiba Inu lead developer Shytoshi Kusama remarked:

Our latest partnership is a BIG one. Pay close attention to why Encryption and Privacy are important to the Shib Ecosystem and state!

SHIB has recently been very active in entering into new partnerships. Most recently, K9 Finance was accepted into the SHIB army.

Overall, the combination of resurging interest in meme coins, strategic investments by crypto whales, a favorable chart setup, and impactful partnerships have probably collectively fueled SHIB’s price surge.

With altcoins finally catching up to Bitcoin, meme coins such as Dogecoin, BONK, and PEPE have been in the spotlight. This outperformance from these meme coins has pushed their standing in the crypto market further, putting them ahead of large competitors.

Dogecoin Rallies 50% To Reclaim 9th Spot From Avalanche

While Dogecoin did start out the week on a slow note, it picked up the pace on Wednesday after Bitcoin’s price rose to $64,000. This rally saw the DOGE price go from $0.09 to over $0.1 in a matter of hours, before the wipeout that sent Bitcoin below $60,000.

Once the market recovered, Dogecoin began to move up once again, and by Thursday, its price touched above $0.13. This is the highest that the price has been since 2022 and it gave its market cap enough boost to not only re-enter the top 10 cryptocurrencies by market cap. But also to reclaim the 9th spot from Avalanche.

Dogecoin’s price has risen 50% in the last week and pushed its market cap above $18.1 billion. Avalanche had been occupying the 9th spot on this list after rising from $10 to $40 in the last few months. However, its market cap of $16.64 billion falls behind DOGE, putting it in 10th place on the list.

It is interesting to note that a week ago, Dogecoin had completely fallen out of the top 10 cryptocurrencies after Tron’s TRX saw its market cap rise. This will end up being short-lived as TRX has fallen out of the top 10 and now sits at 11th position with a market cap of $12.6 billion.

BONK Beats Out PEPE

In addition to Dogecoin, BONK, another meme coin, has also seen impressive growth during the time. According to data from Coinmarketcap, the BONK price has risen 30% in the last day to cross the $0.00002 threshold.

This outperformance comes in light of a notable surge in the daily trading volume of the meme coin. Its volume saw a 135% increase in the last day to reach $955 million. This rapid rise in volume suggests a rapid increase in investor interest in the coin, leading to its gains.

BONK’s market rose to $1.81 billion as a result of this, which put it ahead of PEPE with a $1.22 billion market cap. BONK now holds the spot for the third-largest meme coin in the space behind Dogecoin and Shiba Inu.

However, on the weekly chart, PEPE is outperforming BONK with 148% gains compared to BONK’s 74% gains. Following behind PEPE is dogwifhat (WIF) which rose 142.6% in the last week to reach an $820 million market cap.

Ethereum has been exhibiting a robust and sustained upward trend, showing its mettle in the volatile cryptocurrency market. At the time of writing, the price of ETH was hovering around $3,743, surpassing its moving averages with considerable bullish momentum.

The cryptocurrency community is now eagerly anticipating the breach of the significant $3,500 price threshold, marking a potential milestone for Ethereum’s continued ascent to the highly-coveted $4,000 price tag.

Notably, the current price has surged well above the 50-day moving average, which stands at approximately $2,700, underscoring the strength of the ongoing bullish trend. Furthermore, the 100-day moving average, situated at $2,400, serves as another crucial support level. Historically, these key supports have proven instrumental in propelling Ethereum prices higher upon retesting.

ETH Surge: Price Correction In The Offing?

Ethereum (ETH) surged alongside Bitcoin (BTC) on February 28th, reaching within spitting distance of its all-time high of $3,500. While bulls celebrate, a technical indicator hints at a potential pause in the rally.

The CryptoQuant Funding Rates metric, reflecting fees paid in perpetual futures contracts, reveals a significant spike for ETH on February 28th. Reaching 0.07%, it marks the highest level since April 2021, exceeding the 0.06% peak observed before ETH’s previous peak of $4,800 in November 2021. Historically, such surges in funding rates have often preceded price corrections.

The high CryptoQuant Funding Rates not only suggest a potential pause in the rally but also raise concerns about the sustainability of the current momentum. Typically, such dramatic surges indicate excessive bullish sentiment and overheated markets fueled by highly leveraged long positions.

There are two reasons why this scenario is extremely complex. First off, in the event that prices turn around, it exposes bulls to significant losses. Second, it raises the possibility of a long squeeze, an uncommon situation in which strong short-term selling pushes holders of long positions to liquidate, thus quickening the price decrease.

Imagine a domino effect: leveraged long positions get called upon margin calls, forcing liquidation, which triggers further selling, pushing prices down further, and causing more margin calls. This cascading effect can lead to panic selling and significant losses for overly optimistic investors.

Although there is no assurance that a prolonged squeeze will occur, the increased funding rates serve as a harsh reminder of the inherent risks that are associated with chasing a highly stretched rally.

A dormant pre-mine address containing 72 #ETH (243,771 USD) has just been activated after 8.6 years!https://t.co/K8769uQJ0w

— Whale Alert (@whale_alert) February 28, 2024

Old Ethereum Whales Reappear, Sparking Crypto Speculation

In another development, a pre-mine Ethereum wallet that had remained inactive for almost nine years has been reopened, according to data released by the cryptocurrency tracker Whale Alert. It has 72 ETH valued at $243,771 in it.

This tracking platform discovered that these 72 ETH funds had been moved to another anonymous cryptocurrency wallet. In addition to this wallet, according to recent sources, a number of dormant Ethereum whales awoke in February and held premined Ethereum worth 100 ETH, 429 ETH, 3,465 ETH (valued at roughly $10.4 million), and 100 ETH. They had all been dormant for about nine years.

Featured image from Pixabay, chart from TradingView

On-chain data shows the Bitcoin MVRV ratio is currently at the same high levels as those that led to the parabolic bull run back in 2020.

Bitcoin MVRV Ratio Has Shot Up As Latest Rally Has Occurred

As pointed out by CryptoQuant founder and CEO Ki Young Ju in a post on X, the MVRV ratio has just hit a value of 2.5. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that keeps track of the ratio between the Bitcoin market cap and the realized cap.

The “realized cap” here refers to a capitalization model for BTC that assumes that the real value of any token in circulation is not its current spot price (as the market cap takes it to be), but rather the value at which the coin was last transferred on the network.

The previous transaction for any coin may be considered the last time it changed hands, which implies that the price at the time would be its current cost basis. As such, the realized cap adds up the cost basis of every token in circulation.

This means that the realized cap essentially keeps track of the total amount of capital that the investors have used to purchase their Bitcoin. Since the MVRV ratio compares the market cap (that is, the value the investors are holding right now) against this initial investment, its value can tell us about the amount of profit or loss the investors as a whole are currently carrying.

Now, here is a chart that shows the trend in the Bitcoin MVRV ratio over the history of the cryptocurrency:

As is visible in the graph, the Bitcoin MVRV ratio has rapidly climbed up as the asset’s price has gone through its latest rally. In this surge, the metric has managed to exceed the 2.5 level.

When the ratio is greater than 1, it means that the market cap is higher than the realized cap right now, and thus, the overall market is holding its coins at some profit. A value of 2.5 implies the average wallet is currently carrying gains of 150%.

“In Nov 2020, MVRV was 2.5 at $18K, preceding the all-time high and parabolic bull run,” explains Ju. Back in that bull run, the peak of the first half of 2021 wasn’t hit until the MVRV ratio crossed the 3.7 mark, just like the two bull runs preceding it.

The top in November 2021, however, didn’t follow this pattern, as it formed close to the 3.0 level. It now remains to be seen which path Bitcoin would take in its current rally, if it is at all similar to either of these.

BTC Price

Following Bitcoin’s impressive 22% rally over the past week, the asset’s price is now trading around the $62,800 level, not very far from setting a new all-time high now.

Hunter Horsley, the Chief Executive Officer (CEO) of crypto index fund manager, Bitwise, has stayed highly optimistic about the Bitcoin bullish outlook, predicting that the cryptocurrency will witness a rise to $250,000 sooner than most think.

BTC’S Road To $250,000

In a recent X (formerly Twitter) post on Wednesday, Horsley made a bold prediction about Bitcoin, foreseeing the cryptocurrency rising to new all-time highs never seen before. The CEO has stated that BTC could reach $250,000, jumping over four times its current price above $62,000. 

Furthermore, Horsley has expressed his belief that BTC could rival gold in the future. He anticipates that the fast-rising cryptocurrency would “eat into gold’s Total Addressable Market (TAM) faster than people expect.”

Highlighting Bitcoin’s formidable potential in relation to hold, on Wednesday, February 28, Spot Bitcoin ETFs dominated Gold ETFs in the market, with over $578 million flowing into Spot Bitcoin ETFs while gold ETFs experienced outflows of $17 million. These substantial inflows underscore the rising demand and potential superiority of Spot Bitcoin ETFs over gold ETFs. 

The Bitwise CEO has also revealed that Spot Bitcoin ETFs were BTC’S Initial Public Offering (IPO) moment. Consequently, these investment assets have enhanced BTC’S accessibility for both institutional and retail investors, increasing its exposure and propelling the market value forward by tenfold. 

While Horsley has not provided a specific timeline for his $250,000 Bitcoin prediction, the CEO has maintained a long-term bullish outlook for the cryptocurrency. He has also emphasized the need to invest in BTC, stating that “waiting was costly” and yesterday’s price should serve as a reminder to seize any opportunity to purchase Bitcoin.  

Bitcoin Shows No Signs Of Slowing Down

According to Horsley, Bitcoin is showing no signs of stopping its upward momentum anytime soon. The Bitwise CEO has revealed that the price of the cryptocurrency is likely to accelerate rather than slow down. 

At the time of writing, BTC is trading at a price of $62,142, reflecting a substantial 8.77% increase in just 24 hours. At one point yesterday, the cryptocurrency was trading above $57,000. However, after achieving unprecedented gains, Bitcoin has successfully crossed the coveted $60,000 price mark and is rapidly approaching its overall all-time high of $68,789 in November 2021. 

Horsley has disclosed that this rapid rise in Bitcoin’s price is largely attributed to the success of the Spot Bitcoin ETFs. He has highlighted the possibility of the entire United States capital markets investing in Spot Bitcoin ETFs for the first time, providing a massive opportunity to boost Bitcoin’s adoption and increase the value of the cryptocurrency.

Amid the recent bullish sentiment around the crypto market, investors and traders anticipate that altcoins will attract notable gains post-Bitcoin rally.

Altcoins Poised For A 2X Surge After Bitcoin Rally

Michael Van De Poppe, a well-known cryptocurrency analyst, has shared his insights regarding altcoins with the community on the social media platform X (formerly Twitter). His predictions examine the potential for altcoins to rise in the near future.

Poppe started by highlighting that the market capitalization of Altcoin is presently “lagging behind” in this recent market rally. However, he noted that is what tends to happen when investors’ “strength is confined to Bitcoin alone.”

It is noteworthy that in the past, altcoins generally performed poorly whenever Bitcoin was in control of the market. But despite the performance of the tokens lately, Poppe’s optimism remains unwavering.

Due to this, the crypto analyst anticipates altcoins to rise by 2x in the short term. However, according to the expert, the uptick is expected to take place “once BTC’s rally stabilizes.”

The post read:

The Altcoin market capitalization is still lagging behind and that is usually what happens when strength is surrounded by Bitcoin alone. However, once Bitcoin is going to stabilize, it seems we will likely have a potential 2x on altcoins to come.

This hope stems from the notion that gains from Bitcoin might be transferred to alternative currencies. When this happens, altcoins such as Ethereum (ETH), Cardano (ADA), and XRP will be positioned for significant gains.

Van De Poppe’s insights have triggered a wave of speculation within the community, with members expressing excitement about the forecast. A pseudonymous X user responded by saying that it is “fascinating how the ebb and flow of altcoin market cap in BTC’s shadow.”

He further claimed that when BTC stabilizes, the 2x surge in value will be practically inevitable. In addition, he asserted that the perceptive observer will always be intrigued by the complex interplay between these assets.

Investment Shift Toward Alternative Cryptocurrencies

Even though altcoins are currently struggling to gain adoption from market investors and traders, several analysts are still bullish about the tokens, forecasting a notable rise in the landscape after Bitcoin’s surge has cooled down.

Poppe is just one of the crypto analysts who is bullish on these cryptocurrencies. Altcoin Rover, a crypto expert, has also expressed his optimism while noting an investment shift towards these tokens.

According to the analyst, he will be “selling his Bitcoin holdings to purchase several altcoins” poised for notable growth. Rover also clarified the possibility of significant gains for altcoins following BTC surpassing its all-time high.

The expert has pointed out a path investors should observe that leads to the “Altseason.” This path cited by Rover, which comprises four distinct phases, basically never changes. 

In a comprehensive analysis shared via X (formerly Twitter), Alex Thorn, the Head of Firmwide Research at Galaxy, delved into the intricacies of the current Bitcoin market cycle, answering the question “Where Are We In This Bitcoin Cycle?” As Bitcoin trades robustly around $62,000, with a notable spike to $64.000 yesterday, the crypto landscape is witnessing unprecedented dynamics, marked by a surge in ETF inflows, strategic acquisitions by corporate entities, and a palpable shift in investor sentiment towards digital assets.

Thorn emphasized how different this cycle is:

Effectively, the bull runs of 2017 and 2020 hadn’t yet begun at this stage in Bitcoin’s supply schedule.

52 days before 2nd Halving (9-JUL-16) BTCUSD $455.22 (-59.86% from ATH)
52 days before 3rd Halving (11-MAY-20) BTCUSD $6,174 (-68.56% from ATH)
52 days before 4th Halving (20-APR-24) BTCUSD $59,330 (-12.16% from ATH)

Why This Bitcoin Cycle Is Different

Central to his analysis is the record-breaking influx of capital into spot Bitcoin ETFs, with Thorn highlighting, “The BTC ETFs took in a whopping net $576m of BTC yesterday (Tuesday Feb. 27), with BlackRock alone seeing $520m of inflows, its largest ever day.” This significant movement of funds not only underscores the growing institutional interest in Bitcoin but also marks a pivotal moment in the cryptocurrency’s journey towards mainstream financial recognition.

A key aspect of Thorn’s analysis is the unwavering strength of Bitcoin’s long-term holder base, which he estimates to hold about 75% of the total BTC supply. “Long-term holders are still mostly holding strong,” Thorn notes, emphasizing the community’s resilience and faith in Bitcoin’s long-term value proposition. This demographic, characterized by their ‘diamond hands’, plays a crucial role in stabilizing the market and buffering against the volatility that often defines the crypto space.

Thorn further elaborates on the analytical tools and metrics that provide insight into Bitcoin’s market behavior. He introduces the MVRV Z-Score, a novel approach to understanding the cyclicality of Bitcoin’s price action by comparing its market value to its realized value. This metric offers a window into the perceived overvaluation or undervaluation of Bitcoin at any given point. Currently, the MVRV Z-Score is close to 2, while previous cycle tops saw the metric spike to 8 (in 2021) or even above 12 (in prior halving cycles).

Addressing the speculation around the acceleration of the Bitcoin cycle, Thorn firmly dispels concerns that the market is prematurely peaking. He argues against the notion that we are “speedrunning the ‘cycle’”, instead asserting that the advent of Bitcoin ETFs in the United States represents a transformative shift with far-reaching implications. “This time is different,” Thorn asserts, pointing to the ETFs’ disruption of traditional Bitcoin price cycles and their impact on investor behavior and intra-crypto dynamics.

The Spot Bitcoin ETF Effect

Thorn underscored the transformative impact of Bitcoin ETFs, positing that we are merely at the beginning of a significant shift in how Bitcoin is accessed and invested in, particularly by the institutional sector. “Despite incredible volumes and flows, there’s plenty of reason to believe that the Bitcoin ETF story is still just getting started,” he stated, pointing to the untapped potential within the wealth management sector.

In their October 2023 report titled “Sizing the Market for the Bitcoin ETF,” Galaxy laid out a compelling case for the future growth of Bitcoin ETFs. The report highlights that wealth managers and financial advisors represent the primary net new accessible market for these vehicles, offering a previously unavailable avenue for allocating client capital to BTC exposure.

The magnitude of this untapped market is substantial. According to Galaxy’s research, there is approximately $40 trillion of assets under management (AUM) across banks and broker/dealers that has yet to activate access to spot BTC ETFs. This includes $27.1 trillion managed by broker-dealers, $11.9 trillion by banks, and $9.3 trillion by registered investment advisors, cumulating to a total US Wealth Management AUM of $48.3 trillion as of October 2023. This data underscores the vast potential for Bitcoin ETFs to penetrate deeper into the financial ecosystem, catalyzing a new wave of investment flows into Bitcoin.

Thorn further speculated on the upcoming April round of post-ETF-launch 13F filings, suggesting that these filings might reveal significant Bitcoin allocations by some of the largest names in the investment world. “In April, we will also get the first round of post-ETF-launch 13F filings, and (I’m just guessing here…) we are likely to see some huge names have allocated to Bitcoin,” Thorn anticipated. This development, he argues, could create a feedback loop where new platforms and investments drive higher prices, which in turn attracts more investment.

The implications of this feedback loop are profound. As more wealth management platforms begin to offer access to Bitcoin ETFs, the influx of new capital could significantly impact BTC’s price dynamics, liquidity, and overall market structure. This transition represents a key moment in the maturation of Bitcoin as an asset class, moving from a speculative investment to a staple in diversified portfolios managed by financial advisors and wealth managers.

We Are Still Early

Thorn’s optimism extends beyond the immediate market indicators to the broader implications of Bitcoin’s integration into the financial mainstream. He anticipates a new all-time high for Bitcoin in the near term, fueled by a combination of factors including the ETFs’ momentum, increasing acceptance of BTC as a legitimate asset class, and the anticipatory buzz surrounding the upcoming halving event. “All this is to say, my answer to that burning question – where are we in the cycle? – is that we haven’t even begun to reach the heights this is likely to go,” he concludes.

Thorn’s analysis culminates in a bullish forecast for Bitcoin. As the community stands on the cusp of the fourth BTC halving, Thorn’s insights offer a compelling vision of a market poised for unprecedented growth, driven by a confluence of technological innovation, regulatory evolution, and shifting global economic currents. “Bitcoin is prime time now, and while it might be hard to believe, things are just starting to get exciting,” Thorn declares, capturing the essence of a market at the threshold of a new era.

At press time, BTC traded at $62,065.

Not long after the value of Bitcoin surpassed $62,000, its highest level since 2021, Coinbase had severe disruptions and issues on Wednesday afternoon, preventing some customers from signing in at all and causing some user accounts to reflect a $0 balance.

Crypto aficionados were furious on social media because they are unable to access their money on the biggest cryptocurrency exchange in the United States. Furthermore frustrating, some customers have reported errors when buying and selling.

The continuous demand for Bitcoin is seen as main the reason behind the sudden crash of the Coinbase app. The leading cryptocurrency had a 40% price increase this month as a result of US bitcoin spot ETFs. This was the biggest monthly gain the digital asset had seen since December 2020, according to reports.

Bitcoin Price Action Today

With a ferocious start to March, Bitcoin’s unprecedented activity has positioned it for its biggest monthly gain in over three years on Thursday. Bitcoin is currently very close to reaching a new high due to the money flooding into listed bitcoin funds, which is driving a significant increase.

The world’s leading cryptocurrency briefly touched $64,000 (the first rise above $60,000 since November 2021), before partially reversing the gains. According to Coingecko data, BTC was trading at $62,765. It was up 10% and 22% on a daily and weekly basis, respectively.

After plunging 64% in 2022, the value of bitcoin has more than tripled since the start of the year. That represents a remarkable comeback from a slew of scandals and bankruptcies that had raised concerns about the long-term viability of cryptocurrencies.

Are Coinbase Funds Safe?

Meanwhile, customers can now log back into the exchange, according to a statement from Coinbase, although users are still reporting issues with “certain payment methods” and issues with sending and receiving money.

I had $3.6 Million on Coinbase

and now it’s shows $0 lol

WTF IS HAPPENING ? pic.twitter.com/BaV4pWjFo6

— Ash Crypto (@Ashcryptoreal) February 28, 2024

While acknowledging that “some users may see a zero balance” on all of their Coinbase accounts and may run into problems while purchasing or selling, Coinbase reassured customers that their money was secure. Additionally, the exchange made it clear that there have been significant delays in money transfers via the Ethereum ERC-20 network.

Coinbase, Binance, and Kucoin all down!! WTF is going on!!

— Kyle Chassé (@kyle_chasse) February 28, 2024

There are rumors of similar crashes on other significant exchanges, such as KuCoin and Binance. But there is still no proof to support these allegations.

The situation comes at a difficult moment for Coinbase, as more inexperienced investors are returning to the market for cryptocurrency trading and discovering they appear to have no assets.

Disappointed in Coinbase for this man.

It’s 2024, we must have our shit together. pic.twitter.com/VioBxw8am5

— MASON VERSLUIS (@MasonVersluis) February 28, 2024

The disruption at Coinbase is not unprecedented; in every bull market, there are technical problems that arise when the platforms cannot handle the volume of buying and selling. As a result, the lack of technological safeguards on sites like Coinbase to handle such problems infuriates members of the cryptocurrency community.

Featured image from Pixabay, chart from TradingView

In a blazing start to March, the feverish activity of Bitcoin has set it up for its largest monthly increase in almost three years early Thursday. Money pouring into listed bitcoin funds is fueling a huge gain, and bitcoin is now just a stone’s throw away from a record high.

Investor Frenzy As Bitcoin Set To Reclaim $64K

The primary cryptocurrency rose as much as 14% late Wednesday to momentarily reach $64,000 — its first move above $60,000 since November 2021 — before reversing part of the gains.

BTC was trading at $62,540 as of this writing, according to data from Coingecko.

Due to “fear of missing out” on potential price increases, investors are rushing to buy cryptocurrencies, which brings back memories of the crypto bull market that drove the main cryptocurrency asset to a record high of around $69,000 in November 2021.

Since the beginning of the year, the value of bitcoin has more than tripled, recovering from a 64% decline in 2022. That is an incredible recovery from a slew of scandals and bankruptcy that had cast doubt on the sustainability of digital assets.

Meanwhile, the sudden changes in price have been whipsawing both bulls and bears. According to CoinGlass, centralized exchanges had short liquidations of $176 million and long liquidations of $86.1 million over the previous day.

Crypto Rising

After prices crashed during the “crypto winter” of 2022, investors lost interest in spot bitcoin exchange-traded funds. However, this year’s approval and introduction of these funds to the US market has rekindled interest in cryptocurrencies.

According to LSEG statistics, the top 10 spot bitcoin ETFs saw inflows of $420 million on Wednesday alone, the highest amount in nearly two weeks. Voltages increased when the three most well-known, operated by Grayscale, Fidelity, and BlackRock (IBIT.O), ignited a whole new interest.

Ahead of April’s halving event, which occurs every four years and reduces the rate at which tokens are generated by half as well as the prizes paid to miners, more traders have now been flocking to bitcoin.

What The Experts Are Saying

“Bitcoin optimism is fueled by factors like spot BTC ETF inflows, the imminent halving reducing new issuance, and renewed confidence in the crypto asset class, according to Jonathon Miller, managing director at Kraken Australia.”

“When people see these kinds of increases in a short period of time . . . then it just draws in people and Fomo does kick in,” said Timo Lehes, co-founder of blockchain company Swarm.

“It’s just insane.”

“We could see the all-time high being broken any day now,” said Simon Peters, an analyst at trading firm eToro. “The driving force behind it is without a doubt the [bitcoin funds].”

A New ATH This March?

As Bitcoin experiences brief but notable fluctuations, reaching $64,000 before retracing to the $62,000 mark, the cryptocurrency market remains dynamic and full of anticipation. Investors and enthusiasts are closely monitoring the price movements, speculating on the possibility of a new all-time high (ATH) in March.

Featured image from Pexels , chart from TradingView