Bitcoin’s price surged over 10% to reach a high of $56,740 at one stage on February 26 2024, marking the highest value since November 2021.
After a significant day, when the world’s largest cryptocurrency gained more than 6% Bitcoin (BTC) finally crossed the $55,000 mark on the morning of 27th February 27 2024 at around 5:30 A.M. before surging wildly past $56,000.
BTC in the last 24 hrsThe movement follows a day the nine new spot Bitcoin ETFs set a new record for combined daily trading volume, recording $2.4 billion in buying and selling activity, according to Bloomberg Senior ETF Analyst, Eric Balchunas.
It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
BlackRock’s spot Bitcoin ETF led the way with $1.3 billion in trading volume, according to Balchunas. Earlier in the day, when BlackRock’s ETF, ticker IBIT, surpassed the $1-billion mark, it ranked ’11th among all ETFs (Top 0.3%) and Top 25 among stocks,’ as per the analyst.
The nine new spot Bitcoin ETFs exclude Grayscale’s converted fund, which also has the most assets under management. Besides BlackRock’s exchange-traded fund, the other new products are being offered by:
- Fidelity
- Bitwise
- Ark 21Shares
- Invesco
- VanEck
- Valkyrie
- Franklin Templeton, and
- WisdomTree
Including Grayscale’s fund, collectively, all spot Bitcoin ETFs had generated nearly $52 billion in cumulative trading volume through the end of last week, according to CoinShares. The new products began trading on January 11 2024.
At launch time in January 2024, industry analysts forecast that the approval of these ETFs will act as a catalyst, prompting a significant influx of institutional capital into Bitcoin. This influx has the potential to drive BTC’s value to new all-time highs and further establish its standing as a legitimate asset class.
Now Bitcoin is getting closer to its all-time high price of $69,045 which was reached on November 10, 2021.
All of this occurs ahead of the Bitcoin halving scheduled for April 2024 which will reduce the rewards paid out to Bitcoin miners from 6.25 BTC to 3.125 BTC.
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