BTC Price Reaches New Record High at $69k

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Bitget2024/03/06 05:06

By:Bitget

Bitcoin's price surged to a record high above $69,170 on March 5, boosted by a 5% increase in the previous 24 hours. This milestone marks a significant jump of over 21% in just one week, surpassing its previous all-time high of $68,990 set in November 2021. The rise in price is attributed to increased investment from new spot Bitcoin ETFs in the United States. These ETFs introduce steady demand for Bitcoin, strengthening its position as a store of value and driving up its price.

Analysts predict that Bitcoin's price could reach $100,000-$120,000 by the end of 2024, with the peak of its market cycle expected sometime in 2025. The introduction of Bitcoin ETFs could also reduce volatility, similar to what was seen with gold ETFs. By February 15, Bitcoin ETFs accounted for 75% of new investments in the cryptocurrency market, surpassing $50,000. There's speculation that Bitcoin ETFs could surpass gold ETFs in assets under management within the next two years.

However, despite reaching new highs, Bitcoin could still experience significant volatility, especially after the upcoming halving event. This event will reduce the rate at which new Bitcoins are created, adding deflationary pressure on supply, while the demand from ETFs continues. According to the Head of Options at XBTO, options trading indicates a potential price range of $55,000-$85,000 by December 2024, with an implied volatility of around 65%.

Futures Market Updates

Bitcoin futures experienced a slight decrease in total open interest, while trading volume surged over 24 hours. At the same time, Ether futures saw an increase in total open interest, coupled with a significant surge in trading volume. Both witnessed long liquidations surpassing short liquidations, while maintaining a relatively balanced long/short ratio.

Bitcoin Futures Updates

Total BTC Open Interest: $31.28B (-3.05%)

BTC Volume (24H): $216.21B (+65.87%)

BTC Liquidations (24H): $246.07M (Long)/$74.72M (Short)

Long/Short Ratio: 49.36%/50.64%

Funding Rate: 0.0159%

Ether Futures Updates

Total ETH Open Interest: $12.21B (+1.84%)

ETH Volume (24H): $96.11B (+113.01%)

ETH Liquidations (24H): $139.08M (Long)/$70.43M (Short)

Long/Short Ratio: 50.15%/49.85%

Funding Rate: 0.0185%

Top 3 OI Surges

LSK: $41.77M (+355.06%)

MYRO: $35.93M (+127.82%)

MTL: $39.45M (+108.25%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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