Bisnis.comJAKARTA – A number of factors drive prices bitcoin (BTC) reached $64,000 on Wednesday (28/2/2024) for the first time since November 2021. Bitcoin is also getting closer to its record high of US$69,045.
On Thursday (29/2/2024) morning at 08.00 WIB, bitcoin was at the level of US$61,250, up around 7.60% in the last 24 hours. Ethereum (ETH) also increased in the same period by around 6.14% and sat at US$3,443. Meanwhile, total market capitalization crypto assets was at the level of US$2.218 trillion, an increase of 6.75% in the last 24 hours.
Financial Expert Ajaib Crypto Panji Yudha explained that Bitcoin’s increase also extended its rally of more than 40% throughout February 2024. Meanwhile, ethereum (ETH) also experienced a similar thing with an increase of 46% throughout February, approaching the price of $3,500 after breaking through the $3,000 level last week to the first time in almost two years.
“Bitcoin is currently only 9.6% away from its all-time high (ATH) of $69,045 which occurred on November 10 2021. Meanwhile, ethereum is 30.8% away from its all-time high of around $4,878,” said Panji , citing his research publication.
This week’s rally coincided with large inflows into US-traded spot ETFs, with new funds adding more than 12,000 bitcoins on Tuesday (27/2/2024) after adding around 10,000 on Monday (26/2/2024).
The increase in bitcoin was also motivated by the eve of an important event referred to as halving bitcoin in April, an event that occurs about once every four years and is usually accompanied by a strong rally as new Bitcoin issuance slows.
“Bitcoin halving intended to ensure scarcity of BTC issuance over time. With the depletion of BTC issued, the price of bitcoin has soared in comparison halving previously occurred in 2020, 2016, and 2012.”
Meanwhile, Ethereum and most other altcoins are also following in Bitcoin’s footsteps. Ethereum’s move comes about two weeks before the so-called Dencun upgrade, which is expected to make blockchain cheaper and faster. This will also have a positive impact on the sector layer-2 split Optimism (OP), Decision (ARB), Polygon (MATIC).
In addition to Dencun’s upgrade, since a spot Bitcoin ETF was approved in January and BTC prices rose afterward, many have speculated that an Ethereum Spot ETF would be the next to be approved. Currently, the Ethereum Spot ETF is still under review from the SEC and the closest decision is around May 2024.
On the other hand, memecoin also got a breath of fresh air thanks to the rise of Bitcoin. In the last seven days, almost all memecoins in the Ajaib Crypto application experienced an increase, such as; Pepe (PEPE) shot up 175%, Floki (FLOKI) rose 71.91%, Bonk (BONK) jumped 68.56%, and Dogecoin, which is currently still the memecoin with the largest market capitalization, also rose 32.34%
“The entire crypto asset market has been positively impacted thanks to the increase in BTC prices. However, despite this investors and trader It is hoped that you will carefully follow market developments and be alert if a sudden trend reversal occurs. “Meanwhile, diversifying into altcoins can also be utilized by considering the crypto narrative and blockchain technology trends that will occur in the future,” added Panji.
Check other News and Articles at Google
News and WA Channel