Bitcoin (BTC) has surged to over $65,000 on Monday, inching closer to its historic peak of $69,000 in November 2021, as reported by CoinDesk. In the last 24 hours, Bitcoin’s price has risen by more than 6%, contributing to a 54% gain this year and an impressive 154% surge in 2022. This upward trajectory is primarily fueled by substantial inflows into US-based Bitcoin spot ETFs, authorized in January 2024, with daily ETF trading volume exceeding a remarkable $3 billion.
BTC Holders See Remarkable Profits
Analytics company IntoTheBlock reveals that over 97% of BTC holders are currently “in profit,” marking the highest level since November 2021 when Bitcoin attained its peak value. A holder is deemed “in profit” when the prevailing market price surpasses the average acquisition cost, indicating that most holders purchased their bitcoins at a lower price than the current cryptocurrency value.
Factors Driving Bitcoin’s Surge
Multiple factors contribute to Bitcoin’s meteoric rise, including euphoric sentiment within the cryptocurrency market, heightened buying demand from institutional investors, and the anticipated traditional surge in price due to the upcoming “halving” expected in April, notes NIX Solutions. Traders in the cryptocurrency market have previously reported to CoinDesk that these factors collectively may propel Bitcoin to surpass the record level of $69,000 in March.