After rising 5% within the final day, Bitcoin (BTC) is now rapidly nearing the coveted $60,000 mark.<\/a> This is as a result of investor curiosity within the largest cryptocurrency on this planet has reached ranges final seen throughout a 2021 growth, bringing it very near its all-time excessive.<\/p>\n The enhance in worth coincided with a surge in demand as spot bitcoin exchange-traded funds (ETFs) achieved buying and selling volumes of over $3 billion cumulatively on Tuesday. Additionally, different merchants cited the anticipated April bitcoin halving because the supply of a recent narrative that spurs a pre-halving enhance.<\/p>\n The world\u2019s most sought-after digital asset\u2019s market cap has now reached $1.2 trillion, Coingecko knowledge exhibits.<\/p>\n Joel Kruger, a market strategist at LMAX Group, acknowledged that the market is \u201cthat much more determined to see the level retested and shattered\u201d now that bitcoin is that a lot nearer to retesting its file excessive.<\/p>\n Due largely to the euphoria surrounding plenty of spot bitcoin exchange-traded funds that started buying and selling in January, bitcoin has elevated by as a lot as 16% this week and 35% thus far this 12 months.<\/p>\n Bitcoin reached its highest degree since November 2021 when it surpassed $59,000. The goal of the current surge is to see if the worth can rise to $68,790, its all-time excessive. Six months earlier than a surprising crash in 2022, that peak occurred.<\/p>\n According to Coinglass data<\/a>, futures bets on decrease bitcoin costs have taken on $25 million in liquidations since Asian morning hours, which might have contributed to the worth rise.<\/p>\n In the meantime, on Wednesday, the Fear and Greed Index\u2014a sentiment indicator that measures how shortly asset motion deviates from underlying fundamentals\u2014flashed 82, signaling \u201cextreme greed\u201d<\/a> and hitting its highest degree in additional than a 12 months.<\/p>\n A scale of 0 to 100 represents probably the most anxious and 100 is probably the most grasping on the index. According to the index\u2019s creators, an atmosphere that’s hungry is indicative of exuberance and exhibits the market is due for a correction.<\/p>\n Since the ETFs began buying and selling on January 11, Bitcoin has elevated by 24%. The present upward pattern in pricing, in keeping with Bitwise Asset Management analyst Ryan Rasmussen, is merely the start.<\/p>\n In the top, Rasmussen acknowledged:<\/p>\n The quantity of bitcoin trades made so far this quarter has exceeded the totals for every quarter of 2023 for a similar interval. Major cryptocurrency buying and selling platforms like Coinbase Global (COIN) and Robinhood (HOOD) have benefited tremendously from this exercise. Between the beginning of January and now, these shares have elevated by 27% and 31%, respectively.<\/p>\nPre-Halving Rally? Bitcoin Nears $60K<\/strong><\/h2>\n
![\"\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/a_e696d0.png?resize=356%2C199\")
Bitcoin quick approaching the $60K degree. Source: Coingecko<\/a><\/pre>\n<\/p>\n
Bitcoin market cap presently at $1.16 trillion. Chart: TradingView.com<\/a><\/pre>\n
\u2018Extreme Greed\u2019 For BTC<\/strong><\/h2>\n
![\"\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/02\/a_9832bc.png?resize=782%2C350\")
<\/p>\nSource: Alernative.me<\/a><\/pre>\n
\n
\u201cThe demand that ETFs are generating for the spot bitcoin market is substantially greater than the daily production of fresh supply,\u201d he acknowledged.<\/h4>\n<\/blockquote>\n
\n
\u201cWhat we\u2019re witnessing is cryptocurrency kind of rising from the ashes of the 2022 market.\u201d<\/h4>\n<\/blockquote>\n