Bitcoin crossed the $68K milestone and approaches the silver market capitalization of $1.38T.

Mar 05, 2024
Ethereum also reached a new milestone, recording its highest price since January 2022 at $3.6K. The BlackRock Bitcoin ETF experienced another busy trading day, recording a volume of more than $2B before the markets closed.

Due to the huge growth this year, BTC is rapidly becoming one of the world’s largest assets and at the current level exceeds the market capitalization threshold of $1.3T. According to CoinMarketCap, Bitcoin is approaching the silver market capitalization of $1.4T.

The price movement on Monday also led to a reduction in long positions on BTC, which caused the elimination of leverage rates in the amount of about $120M during the day.

The second largest cryptocurrency by market capitalization, ETH, price grew above $3.6K on Monday. Memecoins are also at the peak of trading demand: DOGE and SHIB have increased in price over the past 24 hours by 30% and 100%, respectively.

The trading volume of BlackRock’s iShares Bitcoin Trust (IBIT) has exceeded $2.1B, with some time left before the session closes, and this is already the third best trading day. IBIT was the seventh most traded ETF during the day, overtaking the first and largest gold ETF registered in the United States – SPDR Gold Shares (GLD).

According to a CoinShares report, Bitcoin exchange products attracted a huge influx of $1.73B last week. Ethereum products were also in demand and demonstrated a net inflow of liquidity at the level of $85 million.

Markus Thielen, founder of 10xResearch, predicted in a market report on Monday that Bitcoin’s price movement will surprise this week. Analysts expect a further increase in the value of BTC beyond the historical maximum, as trading demand expands outside the United States and the inflow of liquidity from ETFs remains stable.

The founder of Cubic Analytics, Caleb Franzen, noted that BTC surpasses the high-tech Nasdaq 100 index (NDX) and noted the breakthrough of cryptocurrencies against NDX.

The market review by the crypto analytical company Swissblock on Monday highlighted the strong momentum of the largest cryptocurrency and the influx of new buyers entering the market. The report says that the current rally is driven by the demand of large investors for BTC and ETH against the background of weakening regional US banks, as well as growing interest in memecoins.