The year 2023 has been a remarkable ascent for Bitcoin, with all eyes turning to new heights. In the early days of 2024, it rose to $49,000 but faced a downturn after the ETF decision, shocking investors with a sudden drop to $38,500. Following this decline, BTC quickly recovered and is maintaining its rise that started at the end of February.
Bitcoin’s Price on the Rise
Last week saw a surge in Bitcoin‘s price, reaching levels not seen since 2021. The rise peaked at $64,270, followed by a temporary pullback to $59,500. In the subsequent days, the price traded between $61,000 and $62,500, allowing for an altcoin rally.
On the night of March 4th, Bitcoin’s price once again surpassed $64,000 but failed to sustain this level and retreated. As of this writing, BTC’s price has once again exceeded this mark and left behind the $65,000 threshold, a level not seen since November 15, 2021.
Commenting on behalf of Turkish investors, the BTC/TRY exchange rate has surpassed 2,000,000 TL, setting a new record. Many investors seem curious whether the price will rise to $69,000 before the expected halving next month.
With the price now above $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% within the same minute, surpassing $37 billion.
Current State of Altcoins
In addition, price movements in altcoins continue to play a significant role in the market. Among the top 10 cryptocurrencies by market cap, Dogecoin (DOGE) saw the largest increase of 25% in the last 24 hours. At the time of writing, DOGE is trading at $0.1677.
Following DOGE, Cardano (ADA) ranked 8th, has seen an increase of over 10% in the last 24 hours, finding buyers at $0.7895. Ethereum, often referred to as the king of altcoins, continues to trade above the $3,500 level 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.
