Bitcoin‘s recent surge has captured the attention of the financial world, surpassing the $64,000 mark for the first time in over two years and showing an almost 45% increase in 2024 alone. This incredible momentum, largely due to the introduction of new U.S. spot Bitcoin exchange-traded funds (ETFs), has brought optimism to the market. These ETFs have attracted over $7 billion in net inflows in a short period, boosting Bitcoin‘s bullish trend.
The journey of cryptocurrency has seen it reach $64,100, getting closer to the record high of almost $69,000. This surge is supported by the anticipation of a halving event, which promises a decrease in Bitcoin supply growth and potentially triggering further price increases. Currently, Bitcoin is at $62,651, having hit $63,675 in early trading, outperforming stocks and attracting traders with its volatility.
In terms of trading, the volume of Bitcoin has surged to its highest level since the FTX collapse, with $34 billion worth of Bitcoin being traded, indicating a lively and active market. On-chain activity, including transactions, circulation, and significant movements of large investors, has also surged, reaching a new peak with $35.37 billion in on-chain transaction volume. This activity is reflected in the trading of spot Bitcoin ETFs, where volumes have risen to around $8 billion, showing the growing interest and confidence of investors in the potential of Bitcoin.