Bitcoin (BTC) is just 3% away from its all-time high, rising more than 6% in the last 24 hours.
Bitcoin price yesterday to $68,700 progressing to the all-time high (ATH) 69 thousand dollars is a lot approached. Bitcoin, which has not yet broken a record, will be in a few days. It is estimated to exceed 69 thousand dollars.
The rise in Bitcoin to Ethereum (ETH) Even if it had an impact, altcoins remained well below the expected performance. Meme coins still continue their rally.
Why did Bitcoin rise?
Bloomberg ETF analyst Eric Balchunas tweeted on March 5: in sharingsaw the highest volume since spot Bitcoin ETFs began trading yesterday. day 2 He stated that he was alive.
The analyst included the following statements in his post:
Today was the second largest volume day for the 10 Bitcoin ETFs, with $5.5 billion. IBIT alone accounted for $2.4 billion of this.
Balchunas, BlackRock’s Bitcoin ETF as the asset value under management of IBIT 11 billion dollars He stated that he passed. Each of ETF from 30% in 6 days Balchunas stated that this situation has increased significantly and that this situation will continue.
With this sentence of the analyst who stated, “I’m getting a little bit of ARK Mania deja vu.” Ark Invest in 2020 It is estimated that it refers to the extreme rise of investment funds.
On the other hand, Grayscale’s transaction volume 1.5 billion dollars, Fidelity 1 billion dollars, of ARK 245 billion dollars and Bitwise $163 billion happened as.
It is estimated that the large volume in question has a major impact on the rise of Bitcoin price.