Investing.com – The currency rose to a 27-month high above 64,000 a few hours ago, but collapsed to a low of $58,330 before rising again during the last few moments of trading on Thursday.
The data shows that over the past 24 hours, a total of $700 million worth of derivatives positions were liquidated, with shorts seeing losses of $367.7 million and longs giving up $333.04 million.
While the bull market shows no signs of slowing down, stocks have struggled to regain their recent momentum as investors await today’s personal consumption expenditures report to get a better picture of the inflation situation, which will provide insight into the Federal Reserve’s next move regarding interest rates.
Data provided by Investing Saudi Arabia shows that after trading near support at $57,000 in the early hours of Wednesday, Bitcoin rose above $59,000 over two hours, held for about three hours, and then resumed its upward trend. It then saw a sharp rise followed by a sudden collapse – in as little as seven hours – with signs of stabilization near $62,000 at the time of writing.
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With Bitcoin outperforming the expectations of even the most optimistic cryptocurrency investors, analysts are now seeking to update their forecasts for 2024, as Bitcoin looks poised to reach a new all-time high ahead of the upcoming ratings event in April.
Analysts at Bitfinex said: “Our analysis expects a price target of between $100,000 and $120,000 to be achieved by the fourth quarter of 2024, and the peak of the cycle will be achieved sometime in 2025 in terms of the total market capitalization of cryptocurrencies.” “ETFs have introduced ‘negative demand’ which means that demand comes from investors who are largely unaware of prices. They view Bitcoin as a store of value and not as a volatile tradable asset, which was the case for several years before the introduction of ETFs,” they added. “.
Bitfinex analysts emphasized: “The fact that we now have ETFs may mean that any decline after the top of the current cycle may be less severe than previous recessions.”
While some analysts who are not familiar with bullish cryptocurrency markets warned that Wednesday’s price action could mark the top of this cycle.
As for the mania that typically follows a bull rally, there are signs that this bull market could behave in a way that no analyst can yet understand, as the fear of missing out (FOMO) that typically exists during bull cycles is amplified.
Data provided by Dune Analytics shows that all ETFs combined, including GBTC, now own 746,571 Bitcoin worth approximately $46 billion at the time of writing, with Bitcoin trading around the $62,000 level.
While data from VettaFi shows that 19 US-listed gold ETFs have $92.1 billion in assets under management, Bitcoin funds now own nearly the value of gold ETFs after just 32 days of trading. .
The total market cap of cryptocurrencies is now $2.26 trillion, with Bitcoin dominance at 53.2%. While trading amounted to about $121.90 billion in the last 24 hours.
Meanwhile, Bitcoin recorded an increase of 8.4% in the last 24 hours to the level of $62,720. While it jumped by about 5.6% to $3,472.
As for it, it rose to the level of $0.00001400 by 22% in the last 24 hours, coinciding with a rise of about 33% to $0.128369.
It also jumped about 15% to the $125 level. With Binance Coin rising 4% to $415.
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2024-02-29 08:07:00
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