Bitcoin at all-time highs: why is it rising in 2024?
The hype of the most popular cryptocurrency is back. Bitcoin has reached a new all-time high by surpassing $75,000, breaking the previous record of $73,738 recorded in March of this year. This milestone occurs in an economic and political context of high volatility, with the US elections as a backdrop, which has strengthened the demand and value of the digital asset.
Impact of Bitcoin Spot ETFs on the Crypto Market
From the beginning of 2024, the value of Bitcoin has increased more than 70%, a growth that experts attribute to a combination of macroeconomic factors and institutional interest. The introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States, launched in January, has been a key factor in this rise. Financial giants like BlackRock y Fidelity have launched their own Bitcoin spot ETFs, capturing large participation and expanding the cryptocurrency’s presence in traditional investment portfolios.
According to a recent report by Binance Research, spot Bitcoin ETFs in the United States currently accumulate more than $63.3 billion, representing 5.2% of the total bitcoin supply. This institutional flow underscores growing confidence in bitcoin’s viability as a long-term asset.
Bitcoin consolidates itself as an asset in diversified portfolios
Javier García de la Torre, Director of Binance Spain and Portugal, commented that “Bitcoin’s rise to this new record is a testament to its resilience and attractiveness as a store of value.” He further noted that this milestone reflects continued optimism around Bitcoin’s sustainable growth in traditional and emerging markets.
Bitcoin’s rise to this new record is a testament to its resilience and appeal as a store of value. This milestone reflects continued optimism around Bitcoin’s sustainable growth in traditional and emerging markets.
JAVIER GARCÍA DE LA TORRE, BINANCE
This new all-time high highlights Bitcoin’s growing alignment with global financial trends and reinforces its growing role in the global economic ecosystem.
