Bitcoin Hits Record $1.33 Trillion Market Cap Amid Rising Investor Interest and Strong Bullish Sentiment
Summary:
Bitcoin's price continues to climb, hitting a record market capitalization of $1.33 trillion. This surge is attributed to increased investor interest, spot BTC ETF inflows, and the upcoming halving. Despite various macroeconomic challenges, Bitcoin keeps reaching new highs against various global fiat currencies. Additionally, Bitcoin continues to leave the exchanges, underscoring its strong market presence. Both institutional and retail investors have shown increased interest in Bitcoin throughout 2024, suggesting a robust bullish sentiment for Bitcoin's price.
The price of Bitcoin (BTC) continues to escalate, marking a record-breaking market capitalization value of $1.33 trillion. This surge in Bitcoin's market capitalization can be attributed to increased interest in the cryptocurrency, inflows to spot BTC ETFs and the impending halving. The Crypto Fear and Greed index, a measure of investor sentiment, indicates a shift to "extreme greed" with the market cap's all-time high, the most intense level observed since November 8, 2021.
Despite numerous macroeconomic obstacles, Bitcoin continues to climb with an increase in both volatility and open interest. On March 4, Bitcoin reached a new all-time high against the euro and achieved record-breaking highs in 2024 when compared to the top 20 global fiat currencies, including the Euro and Pound among others.
Despite this swift price escalation, Bitcoin keeps exiting the exchanges, surpassing the records of 2021. More than $2 billion worth of Bitcoin departed from centralized exchanges on March 1, leaving just $2.3 billion Bitcoin remaining in exchanges.
Bitcoin investment trading volumes for the week ended March 4 hit a record exceeding $30 billion. This enormous trading volume seems to have persisted on March 4, with BlackRock's spot Bitcoin ETF trading approximately 19.6 million shares within the first hour of the market opening, nearly reaching its average daily trade volume of 22.7 million.
Data from CoinShares reveals that institutional investors have pushed $7.6 billion into crypto since the start of 2024, including an influx of over $1.8 billion into crypto investment products in the last week. Of the total 2024 investment in crypto, an impressive $7.3 billion has specifically flowed to Bitcoin.
However, institutional investors aren't the only group taking a keen interest in Bitcoin. The quantity of Bitcoin wallets possessing non-zero BTC values has continued to stay above 51 million throughout 2024. Not only is the number of Bitcoin wallets at an all-time high, but the consistent price growth month-over-month has rendered almost all addresses profitable.
This upswing in non-zero wallets, the continuous outflow of Bitcoin from exchanges and the persistent inflow from institutional investors hint at a robust bullish sentiment for Bitcoin's price.
Published At
3/4/2024 10:01:50 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.