BTC Approaching New All-Time Highs

Market Update - Mar. 3rd, 2024

Author

Michael Blake
March 03, 2024

Market Update - March 3rd, 2024

Top News Headlines

  • JUST IN: #Bitcoin briefly above $64,000 🚀 - Read More

  • Biggest Crypto Gaming Tokens Launched in 2024 - So Far - Read More

  • VC Roundup: Are VCs returning to crypto? February suggests renewed confidence - Read More

  • Bitcoin ETFs now hold nearly 4% of all bitcoin — and they’re not slowing down - Read More

Top Crypto Prices by Market Cap.

1. Bitcoin $63,866.73 7D 24.1%
2. Ethereum $3,498.70 7D 12.8%
3. BNB $415.85 7D 8.0%
4. Solana $130.21 7D 25.8%
5. XRP $0.632 7D 17.0%

6. Cardano $0.749 7D 28.1%
7. Dogecoin $0.157 7D 84.3%
8. Avalanche $42.77 7D 14.6%
9. Shiba Inu $0.0000022 7D 133.0%
10. Polkadot $9.79 7D 25.1%

Source: Coingecko Price Feed, Mar. 3rd 2024, 9:45pm EST. Data excludes Lido Staked Ether, and stablecoins USDC and USDT.

Spotlight: BTC Approaching New All-Time Highs

In case you missed it, Bitcoin has been on an absolute tear the past month - currently up ~47% since Feb. 3rd!

At the time of writing, BTC just briefly crossed the $64,000 mark which marks a new local high for the recent run up. Many industry analysts (hopeful investors), are now calling for new all-time highs as early as this coming week!

So Why the Recent Rally?

The recent surge in BTC price has likely been driven by the record inflows into the recently approved Spot Bitcoin ETFs.

On Friday, BlackRock’s iShares Bitcoin Trust became the first of the new ETFs to officially cross $10 Billion in assets under management - just 7 weeks after listing.

For context, it took over two years for their flagship Gold ETF to reach the same AUM.

It seems like the institutions are finally here, and there’s simply not enough coins to go around…

BlackRock CEO, Larry Fink

BTC Halving Only ~48 Days Away

Another key driver of the recent rally, is the fact that the next BTC halving is expected a little over a month from now - on or around April 21st.

For those not familiar with the mechanics or importance of the BTC halving, I recommend reading Coingecko’s overview here.

And for those to lazy to read that, the halving occurs once every ~4 years and greatly reduces the speed at which new Bitcoins are produced.

This leads to an even bigger supply crunch, and has historically the halving has led to higher crypto prices across the board.

See chart for the May 11th, 2020 halving below ….

That’s it for this edition of Digital Asset Insights! Gonna be a big week!

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