Boost

Bitcoin ETF

Bitcoin

Momentum

<a href="https://coingape.com/bitcoin-price-tipped-to-hit-50000-in-weeks-on-etf-hype/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has crossed the $50,000 threshold, the highest level since 2021, causing an upheaval in the market and drawing the interest of investors worldwide. This rise is attributable to large money inflows into Bitcoin ETFs, a bullish options market, and supportive trends in the futures market. 
At press time, <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/price/bitcoin/&amp;sa=U&amp;ved=2ahUKEwjHuf2Ku6aEAxV9V0EAHZRTBhIQFnoECAUQAQ&amp;usg=AOvVaw1Nd4jrJH-OIi8rpoMiQ2n4" rel="noopener noreferrer nofollow">BTC</a> was trading at $49,763, up 3.40% from the intra-day low. Concurrently, the market capitalization and 24-hour trading volume surged by 3.37% and 53.93% respectively to $975,622,225,763 and $31,647,716,268.
<img decoding="async" class="aligncenter wp-image-180014" src="https://coingape.com/wp-content/uploads/2024/02/screenshoteasy-2024-02-12T214032.144.png" alt="" width="811" height="386" srcset="https://coingape.com/wp-content/uploads/2024/02/screenshoteasy-2024-02-12T214032.144.png 975w, https://coingape.com/wp-content/uploads/2024/02/screenshoteasy-2024-02-12T214032.144-300x143.png 300w, https://coingape.com/wp-content/uploads/2024/02/screenshoteasy-2024-02-12T214032.144-768x365.png 768w, https://coingape.com/wp-content/uploads/2024/02/screenshoteasy-2024-02-12T214032.144-150x71.png 150w" sizes="(max-width: 811px) 100vw, 811px">
BTC/USD 1-day price chart
<h2 id="bitcoin-etf-inflows-boost-confidence">Bitcoin ETF Inflows Boost Confidence</h2>
The main force that propelled Bitcoin to go beyond the $50K is the huge amount of money pouring into <a href="https://coingape.com/bitcoin-etf-debut-month-clocks-record-trading-volume/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>. Last week, the market saw new funds of over $1.1 billion in bitcoin ETFs. This change illustrates an increasing inclination of institutional traders towards Bitcoin, largely boosted by the superior liquidity of ETFs for adding Bitcoin to a mainstream portfolio. Bernstein analysts Gautam Chhugani and Mahika Sapra have pointed to this as a clear catalyst for the price increase that has improved the market performance.
The options market has also significantly influenced <a href="https://coingape.com/bitcoins-recent-price-surge-isnt-enough-to-sustain-crypto-markets/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin’s</a> recent bullish sentiment. Investors have been actively positioning for higher prices, with notable activity around the $50K to $75K strike prices for the upcoming months. This trend indicates a strong belief among investors in the continued upward trajectory of Bitcoin’s value, further fueling the rally.
<h2 id="futures-market-supports-momentum">Futures Market Supports Momentum</h2>
Furthermore, the futures market has shown bullish momentum, increasing open interest, and positive premium shifts. The highest level of open interest since December 2021 suggests strong market participation and confidence in the ongoing rally. However, analysts caution that a countermovement to correct overleveraged positions could be beneficial to ensure the market’s overall health.
<h2 id="market-dynamics-and-potential-outcomes">Market Dynamics and Potential Outcomes</h2>
As Bitcoin navigates this significant price level, the market remains watchful of potential volatility and corrections. The recent increase in selling volume and the initiation of short positions around the $50K mark indicate that some traders are anticipating a price adjustment. Moreover, the total market capitalization of all cryptocurrencies, currently at $1.9 trillion, still trails behind the peak of over $3 trillion seen during the 2021 bull market, suggesting room for further growth or adjustment.
Moreover, as per Coingape’s report, a cautionary note has been sounded by the recent analysis of <a href="https://coingape.com/bitcoin-btc-correction-pattern-resurfaces/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin’s 30-day MVRV ratio</a>, which has climbed above 11.50%. Historically, such movements in the MVRV ratio have heralded short-lived correction phases, hinting at underlying market volatility.
Read Also: <a href="https://coingape.com/bitcoin-etf-debut-month-clocks-record-trading-volume/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin ETF Debut Month Clocks Record Trading Volume</a>
The post <a href="https://coingape.com/bitcoin-breaks-50k-heres-what-you-should-know/" rel="noopener noreferrer nofollow">Bitcoin Breaks $50K, Here’s What You Should Know</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Breaks $50K, Here’s What You Should Know

목차

Coingape News Media

2024년 2월 12일에 게재된 다른 기사

Discovering Your Trader Joe's Gift Card Balance: Unveiling the Secrets (Valid until 2024)

Are These Three Cryptocurrencies Poised for a 1000% Increase in Value This Year: Optimism (OP), M...

Blockchain expert says Pushd e-commerce genius, why so many ETH and BTC investors are buying in

BCH Price Breakout Run On A Retest, Eyes $300

Neo (NEO) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ethereum (ETH) Crosses Big Staking Milestone: Details

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!