Bitcoin

Million

Grayscale Bitcoin Trust

Spot

After witnessing a fall to the $56K range, Bitcoin&nbsp;already&nbsp;made a successful <a href="https://coingape.com/price/bitcoin/">recovery</a> to the $63K range and is even better as it was trading at $65K earlier today. It has a <a href="https://coingape.com/glossary/market-capitalization/">market cap</a> of$1,246,684,717,141 and a <a rel="nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">trading volume</a> of $26,365,225,796 after witnessing a 48% surge in its number of transactions. Along with that, it has maintained its <a href="https://coingape.com/education/bitcoin-dominance-chart-meaning-and-how-to-trade-leveraging-it/">market dominance</a> at 53.3% for days, and as a result of the price recovery, the rest of the cryptocurrencies have also started a similar surge trend.&nbsp; 
So, what was the reason behind this current Bitcoin price surge? Let us discuss that in this blog.&nbsp; 
<h2 id="span-data-preserver-spaces-true-reasons-why-bitcoin-price-is-surging-span">Reasons Why Bitcoin Price Is Surging</h2> 
With its current surge, Bitcoin price has hit a new 200-day moving average (MA). Though the price has declined&nbsp;from&nbsp;earlier, the Bitcoin price comeback is worthy of appreciation. For this surge, two events played a significant role. Let us discuss them one by one.&nbsp; 
<h3 id="span-data-preserver-spaces-true-bitcoin-spot-etf-receives-63-million-in-span-span-data-preserver-spaces-true-inflows-span">Bitcoin Spot ETF Receives $63 Million in&nbsp;Inflows</h3> 
<a href="https://coingape.com/grayscale-ceo-challenges-bitcoin-etf-rivals-lauds-1-5-fee-amid-sec-approvals/">Grayscale’s</a>&nbsp;Bitcoin ETF has faced continuous declines in its inflows, but that changed last Friday as the&nbsp; Grayscale Bitcoin Trust (GBTC) trust received $63 Million in <a href="https://coingape.com/grayscale-bitcoin-etf-ends-77-days-of-outflows-gbtc-inflows-begin/">inflows</a>. The <a href="https://coingape.com/grayscale-bitcoin-trust-gbtc-sets-unprecedented-outflow-record-whats-next/">continuous outflows</a> from the GBTC have ended&nbsp;now, which has been going on for almost four months. These outflows began right after the organization turned to Spot ETF in January. It makes the total inflows data for Friday to come around $378.3 million.&nbsp; 
At the same time, companies like&nbsp; <a href="https://coingape.com/glossary/coinbase/">Coinbase</a>, Block, and MicroStrategy also reported <a href="https://coingape.com/breaking-coinbase-q1-revenue-doubles-to-1-58b/">increased earnings</a> in the last week, which became an&nbsp;important factor in the improved market conditions and surge in Bitcoin price.&nbsp; 
<h3 id="span-data-preserver-spaces-true-decline-in-span-span-data-preserver-spaces-true-bitcoin-s-span-span-data-preserver-spaces-true-volatility-span">Decline In&nbsp;Bitcoin’s&nbsp;Volatility</h3> 
As per the Bitfinex Alpha report,&nbsp;<a href="https://coingape.com/bitcoin-algorithmic-tracking-of-etf-flows-creates-volatility-in-asian-markets/">Bitcoin’s</a>&nbsp;volatility has declined after the completion of the <a href="https://coingape.com/trending/bitcoin-halving-highlights-2024-the-halving-block-rewarded-validator-with-2-6m/">Bitcoin halving</a> event that happened last month. As a result of this decline, an increase in stability has been slowly approaching the <a href="https://coingape.com/crypto-market-key-events-watch-this-week/">crypto market</a>.&nbsp; 
Bitcoin implied volatility (BVIV) has dropped more than 18%, as initially it was around 74.5% but has shifted to 56.4%. This decrease points to the&nbsp;market’s adjustment to the new supply. Similarly, Ethereum implied volatility (EvIV) has declined from 61.9% to 52%, with a noticeable difference of 9.9% despite the price surge.&nbsp; 
<h2 id="span-data-preserver-spaces-true-final-thoughts-span">Final Thoughts</h2> 
With the current Bitcoin price recovery,&nbsp;traders’&nbsp;expectations have shifted to see BTC <a href="https://coingape.com/blog/bitcoin-price-3-factors-that-could-push-btc-price-to-100k/">surging</a> above the $100K mark. Based on its performance in March, setting an all-time high of around $73,750.07, a target of $100K is not much&nbsp;harder. Many top crypto <a href="https://coingape.com/trending/bitcoin-price-rally-to-100k-after-btc-halving-said-bitwise-ceo-and-more/">industry leaders</a> have predicted to see Bitcoin surge to $100 by the end of this year or the start of next.&nbsp; 
The post <a href="https://coingape.com/trending/bitcoin-price-whats-behind-the-current-btc-price-surge/">Bitcoin Price:&nbsp;What’s&nbsp;Behind The Current BTC Price Surge</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price: What’s Behind The Current BTC Price Surge

İçindekiler

Coingape News Media

6 May 2024 tarihli diğer yazılar

Bitcoin (BTC) Revenue Plummets from $107 Million to $26 Million: A New Era in Crypto Economy

Is IMX Price Ready To Surge For $5 Mark?

Shiba Inu (SHIB) vs Avalanche (AVAX): The Rising Cryptocurrency Showdown

Cryptocurrency Stacks Down More Than 3% Within 24 hours

Ethereum (ETH) Whales Revamp Trading Tactics: Key Shifts in Crypto Market Strategies

Top 2024 Crypto Swap Platforms: Unveiling Superior Trading with Bitcoin (BTC) and Ethereum (ETH)

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!