Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
In a record-breaking development, Bitcoin on Monday crossed $71,000 for the first time during the Asian trading hours.
Notably, since the spot bitcoin exchange-traded funds were approved in the US, the cryptocurrency is steadily rising.
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The cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds and hopes that the Federal Reserve will soon cut interest rates.
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Further, the rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25 per cent. The elevated premium could attract cash and carry traders, boosting market liquidity.
Apart from Bitcoin, the Shiba Inu (SHIB) experienced a 240 per cent price surge, highlighting the meme coin sector’s rapid growth but also its volatility. Ripple (XRP) is on the verge of an adoption milestone, with analysts predicting a potential rally in its price.
Bitcoin has been in the green territory, hovering at $67K-$68K, and the trends changed once again over the weekend when the asset’s value surged to the unprecedented peak of $70,000.
Somewhat expected, the volatility harmed over-leveraged traders. Numerous industry experts believe BTC’s recent great performance will persist shortly and even lead to new heights. Some outline the halving (scheduled for April) as a factor supporting that thesis.
Shiba Inu has also been a top performer, with its price skyrocketing by a whopping 240 per cent on a 14-day scale. This exponential increase has benefited savvy traders who entered the ecosystem in their early days and endured the crypto winter in the past few years.
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