Bitcoin over $60,000: what this milestone means for Crypto
In the month of February, Bitcoin added more than 40% to its price per coin, reaching above the key psychological resistance level of $60,000. If BTCUSD can sustain above this important level, new all-time highs are less than 15% away.
However, more importantly, the recent display of strength could have a lasting ripple effect across the entire Crypto market.
Now nearly two months since their debut, Bitcoin spot ETFs are driving serious demand in the face of a very finite supply of BTC. ETF inflows and their respective trading volume is rising by the day, breaking records set around the launch of these products in January.
More than 11,000 BTC were bought by the US spot ETFs in a single day record, while only a mere 900 new BTC were unlocked by miners. This has caused not only runaway price appreciation, but a swift change in overall sentiment surrounding Crypto.
Considering the success of the Bitcoin spot ETFs in the United States, an Ethereum spot ETF has a high probability of being approved by mid-year, according to various sources.
Even CNBC’s Jim Cramer believes that it is “obvious” an ETH ETF will “soon bloom.”
Ethereum has lagged behind Bitcoin’s 2023 performance. However, this is not the historical norm, and could soon change to strong performance over BTC as demand shifts toward ETH.
With sentiment shifting in the two primary market drivers in Crypto, altcoins are beginning to catch up. Following the collapse of FTX and other players from the 2021 bull run, investors became averse to the high risk associated with altcoins. But even that is changing.
Bitcoin is becoming expensive per coin, prompting more investment into altcoins from retail. Meme coins like Dogecoin are starting to erupt, and early market leaders like
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