Posted by Xoken.org – The price of Bitcoin (BTC) again touched a record above the level of US$73,000 and Ethereum (ETH) followed with a position above US$4,000 per coin in today’s trading, Wednesday (13/3/2024).
Based on Coinmarketcap data at 15.00 WIB, the crypto asset with the largest market capitalization, BTC, is at US$73,275 per coin. This position rose 1.95% in 24 hour trading or rose 8.99% in one week’s trading.
Then Ethereum (ETH) also touched its all time high and was at the level of US$4,055 per coin or rose 1.32%. then stablecoins USDC and USDC compactly strengthened and were at the level of US$1 per coin.
Furthermore, Solana (SOL) was at US$151.58 per coin and strengthened by 13.18% in a week’s trading. Meanwhile, BNB assets were at US$565.95 or an increase of 36.50% in a week.
Previously, Forexindo Futures Profit Director Ibrahim Assuaibi said Bitcoin in today’s trading would move in the range of US$70,576 to US$73,620 per coin.
Ibrahim explained Bitcoin’s latest record high came as an extension of the rally sparked by the approval of spot ETFs in January, which invited large amounts of institutional capital into the token. The token is also backed by MicroStrategy Incorporated, the largest Bitcoin holding company, which bought 12,000 tokens on Monday using debt.
Then, demand for Bitcoin has been boosted by the approval of a new exchange-traded fund that tracks its price earlier this year, as well as expectations that the Fed will soon start to move away from restrictive policies. The market has also been supported by an upcoming “halving” event that will stem some of the flow of Bitcoin printing.
Bitcoin ETF generates weekly inflows of US$2.7 billion A report from digital asset manager CoinShares showed on Monday that investment products tracking Bitcoin saw capital inflows of around US$2.7 billion in the week to March 10, 2024.
“Bitcoin remains the sole driver of capital inflows into the crypto market, with other major tokens, such as Ethereum and Solana, experiencing minimal inflows or outflows,” said Ibrahim, quoted Wednesday (13/3/2024).
Furthermore, he said even as Bitcoin prices surpassed highs in 2021, token trading volumes, especially in the retail space, were still at lower levels compared to the rise seen in 2021.
“This trend raises questions about how sustainable Bitcoin’s recent rally is, while also raising accusations of market manipulation by exchanges and stablecoin operators,” he said.
Retail interest has largely waned in crypto over the past two years, following a sharp decline in prices marked by rising interest rates and a series of high-profile frauds and bankruptcies.