Bitcoin breaks $68,000, new highs just within reach
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Bitcoin breaks $68,000, new highs just within reach
The rally in the cryptocurrency market is fueled by the frenzy surrounding spot Bitcoin ETFs.
Navigating Web3 tides with focused insightsBy TechFlow Mary Liu
On March 4, bullish momentum remained strong as Bitcoin continued its upward climb. During Monday's U.S. stock market closing session, Bitcoin traded at $67,710.23, nearly 8% higher than the previous day. Two hours later, the price surged past $68,000, bringing it within striking distance of its all-time high of approximately $69,000 reached in November 2021.
According to data from CompaniesMarketCap, after previously surpassing Meta Platforms (META), the parent company of Facebook, and Berkshire Hathaway in market capitalization, Bitcoin now ranks just below silver among precious metals.
Ethereum, the second-largest cryptocurrency by market cap, rose above $3,600 for the first time since 2022, though its gains lagged behind Bitcoin with a daily increase of only 3.5%.
Meme coins continued to perform strongly, with DOGE and SHIB leading the pack among the top 20 tokens, rising 16% and 55% respectively over the past 24 hours.
U.S. equities gave up earlier gains during Monday’s market close, with all three major indices ending lower. However, the crypto sector surged, with Coinbase (COIN.O) rising over 11% and MicroStrategy (MSTR.O) climbing 23%.
ETF Capital Inflows Continue Unabated
The broader crypto market rally has been fueled by enthusiasm surrounding spot Bitcoin ETFs, which began trading in January and have seen robust trading volumes.
Data compiled by Bloomberg analyst Eric Balchunas shows that by the end of Monday’s U.S. equity session, daily trading volume for U.S. spot Bitcoin ETFs exceeded $5.5 billion—marking the second-highest trading day since their launch. BlackRock’s IBIT alone accounted for $2.4 billion in trading volume, with assets under management surpassing $1.1 billion.
Asset manager CoinShares reported on Monday that last week saw a total inflow of $1.73 billion into Bitcoin-focused ETF products—the second-largest weekly inflow on record. The report added that Ethereum-focused funds also attracted strong interest, with net inflows reaching $85 million.
Will Bitcoin Hit a New All-Time High This Week?
Caleb Franzen, founder of Cubic Analytics, noted in a Sunday report that Bitcoin has outperformed the tech-heavy Nasdaq 100 Index (NDX). He described Bitcoin’s breakout above a key resistance level connecting the highs from the first and fourth quarters of 2021 against the NDX as “very encouraging.”
In an X post on Monday, he wrote: “Bitcoin is about to enter (again) a price discovery phase — some people are bearish? That can’t be me.”
Markus Thielen, founder of 10xResearch, predicted in his Monday market update that Bitcoin’s price action this week will be “shocking.” With demand expanding beyond the U.S. and ETF inflows expected to remain strong, he believes BTC is poised to reach a new all-time high this week.
With the anticipated Bitcoin halving approximately five weeks away, whether the market can maintain its momentum remains to be seen.
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