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After almost two weeks of hiatus, the world’s largest cryptocurrency Bitcoin (BTC) smashed previous $57,000 earlier right this moment in an enormous breakout. As of press time, the Bitcoin value is up 9.62% buying and selling at $56,486 with its market cap crossing $1.1 trillion for the primary time since 2021.

BTC Decouples from S&P 500

The large surge within the Bitcoin value comes on the day when the S&P 500 was buying and selling in unfavourable territory. On Monday, February 26, the S&P 500 ended 0.5% within the unfavourable whereas Bitcoin recorded an upward trajectory with a staggering 10% acquire.

This clearly exhibits that BTC and the broader crypto markets are shedding their reliance on equities. Throughout historical past, an absence of great correlation between cryptocurrency markets and inventory markets has paved the way in which for essentially the most substantial bull runs for Bitcoin (BTC) and altcoins.

Bitcoin has demonstrated superior efficiency in contrast to conventional belongings similar to shares and gold within the present 12 months. The ratio evaluating Bitcoin’s value to that of the valuable steel has reached its highest degree in over two years. Since the start of the 12 months, Bitcoin’s value has surged by 33%, persevering with a sustained upward development that has additionally fueled curiosity in altcoins like Ether and BNB.

Bitcoin ETFs Set New Records

Since January 11, a complete of $5.6 billion has flowed into a number of vital Bitcoin ETFs launched within the US, indicating an increasing curiosity within the token past devoted digital asset fans. The forthcoming discount in BTC’s provide progress, generally known as the Bitcoin halving, additional contributes to the constructive sentiment surrounding the cryptocurrency.

On Monday, the 9 BTC ETFs mixed recorded an all-time new excessive of $2.4 billion in buying and selling volumes. Of these BlackRock’s IBIT alone recorded over $1 billion in buying and selling volumes.

It’s official..the New Nine Bitcoin ETFs have damaged all time quantity document right this moment with $2.4b, simply barely beating Day One however about double their latest every day common. $IBIT went wild accounting for $1.3b of it, breaking its document by about 30%. pic.twitter.com/MiCs1rzttM

— Eric Balchunas (@EricBalchunas) February 26, 2024

Furthermore, Grayscale’s GBTC recorded its lowest outflows to date at $22.4 million. This exhibits the large inflow of institutional capital into Bitcoin ETFs even when the macros look a bit unsure.

On Monday, enterprise intelligence agency MicroStrategy introduced the acquisition of roughly 3,000 further tokens this month. With this newest buy, the corporate’s Bitcoin holdings now quantity to round $10 billion.

On the opposite hand, whale shopping for has continued in a robust method all through the final month. More than 150 new addresses, every holding greater than 1,000 BTC have been created during the last month.

#Bitcoin whales are going parabolic! In simply the final month, over 150 new #BTC addresses, every holding greater than 1,000 $BTC, have been created. pic.twitter.com/3lox2KrPcm

— Ali (@ali_charts) February 26, 2024

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Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.