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The year 2023 has been a remarkable ascent for Bitcoin, with eyes turning to new peaks. In the early days of 2024, it rose to $49,000 but faced a downturn after the ETF decision, shocking investors with a drop to $38,500. Following this decline, BTC is maintaining its upward trend that started at the end of February.
Bitcoin Price Surges
Last week saw a surge in Bitcoin‘s price, reaching levels not seen since 2021. The rise peaked at $64,270, then momentarily retreated to $59,500. In the following days, the price traded between $61,000 and $62,500, allowing for an altcoin rally.
On the night of March 4th, the Bitcoin price once again surpassed $64,000 but failed to maintain that level and pulled back. As of the time of writing, the BTC price has once again exceeded this mark and has left behind the $65,000 milestone, unseen since November 15, 2021.
Commenting on behalf of Turkish investors, it is observed that the BTC/TRY pair has broken records by exceeding 2,000,000 TL. Many investors are curious whether the price will rise to $69,000 before the expected halving next month.
With the price now over $65,000, BTC’s market capitalization has also seen an increase of over 5%, settling above $1.278 billion. The trading volume surged by 71% in the same minute, surpassing $37 billion.
Current State of Altcoins
In addition, price movements in altcoins continue to hold significant sway in the market. When examining the top 10 cryptocurrencies by market cap, Dogecoin (DOGE) experienced the largest increase with a 25% rise in the last 24 hours. DOGE is trading at $0.1677 as of writing.
Following DOGE is Cardano (ADA) at the eighth spot, with a price increase of over 10% in the last 24 hours, finding buyers at $0.7895. The so-called king of altcoins, Ethereum, continues to trade above the $3,500 mark with a 3.89% increase. Other top 10 cryptocurrencies like SOL, XRP, AVAX, and BNB also participated in the rally but to a lesser extent.
