Bitcoin Surges to Highest Point Since November 2021, Surpassing $65k

Bitcoin (BTC) experienced a surge on March 4, 2024, surpassing $65,300 and coming close to its all-time high. However, it has since fallen below this value and is currently trading at $65,1050. It is only 6% away from reaching its all-time high, according to CoinMarketCap. Trading volumes have been consistently increasing and have now reached $40 billion, marking an 80% increase.
The fear and greed index, as reported by Coinstats, reached 82 points. Although this indicator has decreased by one unit in the past 24 hours, it still indicates “extreme greed” on a scale of 76 to 100. This could suggest that the market is influenced by a fear of missing out (FOMO) sentiment.
Meanwhile, Ethereum (ETH), the second largest cryptocurrency, has also experienced a rise in its value, surpassing the $3,500 level. It is currently testing a multi-year high at $3,520, a level it last reached in January 2022.
Among the top 10 cryptocurrencies by market capitalization, Cardano (ADA) and Dogecoin (DOGE) have shown the most significant growth, with increases of 8% and 24% respectively. Additionally, the stablecoin USDT has seen its market capitalization reach $100 billion, a 9% increase since the beginning of the year.
Crypto analyst PlanB has previously predicted that Bitcoin will surpass $100,000 during the 2023-2024 bull run. He has a track record of accurately predicting cryptocurrency prices in the past and is known for using the stock-to-flow (S2F) model, which suggests that the price of Bitcoin will reach $1 million after 2024.
Source: Coinstats