April 24, 2024

The overall trend in the broader crypto market reflects progressive growth within the past few days. Most crypto assets are now green, following considerable gains in their values.

Bitcoin trades above the $64,000 threshold, setting a record surpassing a two-year high. According to market data, BTC gained over 5% within the past day, which has triggered more bullish pressure on other tokens.

Bitcoin Scales Above The $64,000 Price Region

According to the report from Reuters on Monday, March 4, Bitcoin surged above the $64,000 price region. BTC climbed to $64,285 during the early Asian trading hours, a notable price peak since Q4 2021. 

Recall that Bitcoin hit its all-time high of $68,999 in November 2021 before declining.

Remarkably, it has reclaimed over 50% of its value since January. According to Coinmarketcap data, most of its increase came within the past few weeks. Notably, US-listed Bitcoin funds contributed to the surge in the token’s trading volumes. 

The US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in the country in January. This product opened the door for more investors to engage in Bitcoin, increasing the token’s adoption and trade volumes.

Bitcoin climbed into the $60,000 region last week and continued the bullish stance until it crossed $63,000 on Sunday. Many people within the crypto industry have reacted to the impressive Bitcoin’s performance.

According to the CEO of Mudrex, Edul Patel, Bitcoin could overcome the $67,000 resistance threshold to a higher price mark.

Patel stated:

Bitcoin traded above the $63,000 mark over the weekend. The upswing in price is attributed to the growing mainstream adoption of spot Bitcoin ETFs and the approaching Bitcoin Halving event. BTC is eyeing a $67,150 resistance level; if the momentum continues, a close above it this week could signal the potential for a new all-time high.

Broader Crypto Market Spikes In Bullish Trend

The recent positive trend in the crypto market has impacted most assets as the bulls regained dominance. According to CoinMarketCap, the cumulative market cap sits at $2.44 trillion, following a surge of 5.02% over the past day.

Also, the total crypto market volume rose by 28.19% to reach $116.53 billion over the past 24 hours. 

The total volume in DeFi and stablecoins rose to $9.6 billion and $129.27 billion, respectively. They recorded respective increases of 8.71% and 88.33% over the past 24 hours. As of March 4, BTC trades at $65,376, indicating a 5.83% increase over the past 24 hours.

With a market cap of $1.28 trillion, BTC maintains a 52.61% dominance over the altcoins. Besides Bitcoin, most altcoins followed the trend as they reclaimed their value over the past day.

Ethereum, the second-largest cryptocurrency by market cap, trades at $3,510.

It surged by almost 3% within the past 24 hours. The prominent dog-themed tokens, Dogecoin and Shiba Inu, reflected a double-digit increase in their performance. DOGE’s price rose to $0.162 following a 19.07% surge over the past 24 hours.

Also, SHIB trades at $0.0000256, reflecting a surge of 17.05% within the past day. Moreover, Shiba Inu’s market cap has grown to over $15 billion as the token now sits as the eleventh-largest crypto.

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