On Tuesday, March 26, the cryptocurrency market experienced a significant recovery in a dramatic turnaround. The price of the leading cryptocurrency Bitcoin (BTC) exceeded $ 70,000, triggering an uptrend in the market. Other major altcoins such as Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) also made notable gains.
Prices of the most important cryptocurrencies are rising
Bitcoin led the rally, rising 4.29% to $70,482.40. This increase was accompanied by the transaction volume, which increased by 46.94% in the last 24 hours to 42.28 billion dollars. Ethereum also rose 4.09% to $3,634.07, reaching a market value of $436.33 billion. Similarly, Solana (up 4.23% to $195.19), XRP (up 1.92% to $0.646), and Cardano (up 2.19% to $0.6708) also showed positive growth.
Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) also benefited from this positive momentum. DOGE price increased by 2.79% to $0.1789, and SHIB price increased by 2.53% to $0.00002912. Interestingly, another meme coin, Pepe Coin (PEPE), rose 6.53% to $0.000008217. Likewise, Bonk (BONK), a meme coin in the Solana ecosystem, reached $0.00002597 with a near 10% rally.
Is Bitcoin price aiming for a new record?
Analysts believe Bitcoin’s recent rise could be a sign of what might happen in the future. Research firm QCP Capital suggests that Bitcoin may be poised to break its records and reach the much-anticipated $100,000 level. This analysis comes with strong bullish momentum. Moreover, cryptokoin.com As we reported, there will be critical developments in the London Stock Exchange in May. The exchange will launch Bitcoin and Ethereum Exchange-Traded Notes (ETNs). The price is supported by positive news on the subject.
Meanwhile, on-chain data from Santiment revealed a significant increase in Bitcoin accumulation by key stakeholders. This may have contributed to the price increase. This buying frenzy, thought to be triggered by the upcoming April 19 Bitcoin halving event, is described as one of the biggest accumulation days in recent times.
Additionally, according to Bitcoin analyst PlanB, during each halving period, which covers approximately 210,000 blocks, a bull market emerges, leading to an increase in the price of Bitcoin. It is very important to understand that these price increases are indicative of fundamental changes, structural turning points and phase transitions, not bubbles. This phenomenon is reflected in the realized price, which stabilizes before the next significant jump. Halvings are considered critical events in the Bitcoin world.
Bitcoin ETF inflows rebound
After a week of outflows, Bitcoin ETFs witnessed a welcome turnaround with net positive inflows on Monday, March 25. Fidelity’s FBTC ETF, in particular, led the way with inflows of $261 million, outpacing BlackRock’s IBIT, which received $35 million in inflows. Finally, according to QCP Capital, asset management departments of major banks are experiencing a surge in client requests for Bitcoin spot ETFs. This increased interest, along with upcoming 13F filings, points to a potential increase in institutional investor adoption of Bitcoin.
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