Bitcoin set for 8.6% weekly gain as bull run continues (Cryptocurrency:BTC-USD)
02/17/2024 04:17
Bitcoin (BTC-USD) is continuing its week-on-week rally, on track to post a weekly gain of xx%, with the top cryptocurrency's market capitalization crossing the
Bitcoin (BTC-USD) is continuing its week-on-week rally, on track to post a weekly gain of 8.6%, with the top cryptocurrency's market capitalization crossing the $1-trillion mark.
The oldest cryptocurrency broke past the $50K level on Tuesday for the first time since December 2021, but saw a slight dip later that day, after a hotter-than-expected CPI report drove market participants to push out their expectations for interest rate cuts to later in the year.
Bitcoin (BTC-USD), however, shrugged off Tuesday's fall to cross $52K on Wednesday, even reaching $52.8K on Thursday - its highest level in more than two years.
Meanwhile, the spot Bitcoin ETF momentum showed no signs of slowing. According to data accumulated by Farside Investors, spot BTC ETFs saw an estimated $2B in total inflows this week, with BlackRock's iShares Bitcoin Trust (IBIT) at the top of the leaderboard.
"We think this Bitcoin (BTC-USD) appreciation is contributing to better spot Bitcoin ETF flows, which is in turn driving BTC prices higher, and pulling other tokens higher as well," J.P. Morgan analysts said in a note to clients.
Crypto traders are starting to put Bitcoin's (BTC-USD) all-time high of ~$69K in November 2021 on their radar amid the broader bullish sentiment. "Bitcoin appears to target $57,000 as its next resistance, and considering its performance in the previous halvings, the odds for another leg being higher are increasing," said 10x Research's Markus Thielen.
According to Google Trends, search interest in ‘Bitcoin’ is still low compared to the last time Bitcoin crossed $50k in 2021, said Cory Klippsten, CEO of Swan Bitcoin, a Bitcoin financial services company.
"This suggests that the average retail investor has not participated in this recent rally, signifying that Bitcoin is in the early stages of a new bull cycle," added Klippsten.
Enterprise-software provider MicroStrategy's (MSTR) Bitcoin (BTC-USD) holdings are worth some $10B, based on current prices, sitting on an unrealized profit of nearly 70%.
Coinbase (COIN) rose in extended trading on Thursday, after the crypto exchange returned to profitability in Q4 for the first time in three years, thanks in part to higher interest income from its stablecoin reserves amid a bull run across crypto prices.
Peter Thiel's venture capital firm Founders Fund invested $200M in Bitcoin (BTC-USD) and Ether (ETH-USD) from late summer to early fall of last year, before the bull run.
Bitcoin (BTC-USD) inched up ~0.30% to $51.9K at 4:17 pm ET on Friday, and Ether (ETH-USD) was down ~1.78% to $2.8K.