Bitcoin price today: After hovering above the $68,300 threshold, Bitcoin price finally tested the $70,000 level and touched a new peak of the $70,136 mark in the last 24 hours. However, the price of virtual currency did not last long at higher levels and returned from this peak of profit booking soon to trigger. The Bitcoin price today is $68,245.48, a change of 1.80 percent over the past 24 hours since 8:00 AM. The recent price action in Bitcoin has left the token market capitalization at $1.34T. In the year-to-date (YTD) period, the price of Bitcoin has risen by 61.57 percent.
Triggers for Bitcoin price today
Speaking about the price of Bitcoin, Mudrex CEO Edul Patel said, “Bitcoin soared above the $68,300 threshold in the last 24 hours, reaching yet another significant milestone. The market sentiment is positive, driven by institutional demand, the growth of spot Bitcoin ETFs. , and the anticipation of the upcoming halving event. According to IntoTheBlock, there has been a 5% year-to-date increase in the number of whales holding at least 1,000 Bitcoins. Moreover, 97% of all Bitcoin addresses are currently in profitable state, showing an increase in demand. Of the 19.6 million Bitcoins currently in circulation, nearly 70% (13.6 million) are held by investors who have held their positions for more than a year, reflecting growing long-term investment sentiment . on track to surpass its all-time high at any time now.”
Bitcoin price USD forecast
Expecting a further rally in the Bitcoin price, Vikram Subburaj, CEO of Giottus said, “Crypto is definitely entering a new phase and we can definitively say that the bull run is on. Bitcoin price briefly touched a fresh all-time high of $70,136 but pulled back. of the higher levels in volatile selling. However, the price of Bitcoin is expected to rise. The volatility has ignited a lot of profit-taking, which is characteristic of a volatile but promising market condition. This cycle of price correction and profit-taking will continue for the markets will rise and Bitcoin continues on a higher trajectory of price discovery. This is a good time for investors to take positions and use investment tools like SIPs to average correction prices. Bitcoin prices will hit higher points before. the halving and this is a valid indication of good times ahead in the market.”
Disclaimer: The views and recommendations above are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 09.03.2024, 08:27 IST