Bitcoin approaches record high with a 70% surge in daily trading volume
Bitcoin Surges by Over 4% as It Approaches All-Time High
Bitcoin has experienced a significant increase of over 4% today, bringing it closer to its all-time high after a month of fluctuations. The cryptocurrency had previously dipped below $66,000 due to wider liquidations in the crypto market. However, it has made a strong comeback this week, thanks to the substantial net flow of nearly $570 million in Bitcoin ETFs last week. This positive trend continued as Bitcoin ETFs recorded more than $200 million in net inflows on both Thursday and Friday.
In addition to these developments, market sentiment surrounding Bitcoin remains highly positive, as the fourth halving event is scheduled to take place later this month. This anticipation has been further fueled by the recent halving of Bitcoin Cash (BCH), a fork of the Bitcoin network. Following its halving, BCH experienced a surge in value by 10%, with a nearly 60% increase in March.
Traders and analysts are expecting a similar impact on Bitcoin after its upcoming halving. Notable industry experts, including Anthony Scaramucci of SkyBridge Capital, have predicted that Bitcoin could reach $170,000 during the bullish cycle following the halving.
Furthermore, Bitcoin’s daily trading volume has also increased by 70% today. The cryptocurrency had previously reached its all-time high a month ago, reaching $73,737. If the current market sentiment persists, Bitcoin has the potential to create a new peak this month.
