Within the last hour, Bitcoin (BTC) price rose to $ 57,100, a level not seen since February 20, when BTC price hit a new all-time high of $ 58,352. The bullish breakout signals that investor sentiment has shifted again in favor of the bulls and increases the likelihood that BTC will attempt a run at the $ 60,000 level.
Data from Cointelegraph Markets and TradingView show Bitcoin bounced off a low of $ 52,998 in the early hours of the morning and was 6.5% above the $ 57,000 level.
Today’s uptrend was preceded by news that the Digital Currency Group plans to buy up to $ 250 million in shares in the Grayscale Bitcoin Trust (GBTC). The purchase comes at an interesting time considering that GBTC shares traded on major exchanges on March 8th at a 15% discount off the spot price of Bitcoin.
While institutional investors may be able to borrow for the current move, general interest in Bitcoin continues to grow too. Recent data shows the U.S. has installed 10,000 Bitcoin ATMs since March 1, 2020, up 57.5% in the number of BTC-equipped ATMs over the past year.
Bitcoin is ignoring the economic concerns that weigh on stocks
For the past two weeks, equity markets have been hurt by a decline in technology stocks and concerns about rising government bond yields. Many analysts predicted that a strengthening dollar and rising government bond yields would negatively impact Bitcoin price.
According to Chad Steinglass, Head of Trading at CrossTower, the “underlying current in BTC is still incredibly good,” as there appear to be large traditional financial players who deal with BTC on a daily basis.
Steinglass said the recent addition of Ether (ETH) to the balance sheet of Chinese software company Meitu represents another positive development as it shows the growing importance of cryptocurrencies in traditional finance.
Steinglass went on to explain that the BTC correction of the past two weeks was the result of a “massive sell-off of tech stocks” that hit GBTC hard as the “discount to the NAV that GBTC traded on March 5th up to.” 15% was “European traders were“ scared ”at the end of European stock markets.
Stone glass said:
I believe this weighed on BTC prices as adventurous traders went in to slowly buy GBTC while selling spot or futures. The fact that spot BTC prices could tread water on this route was pretty bullish to me.
Altcoins follow the outbreak of Bitcoin
With Bitcoin targeting the $ 60,000 level, several altcoins were also chasing new all-time highs.
Theta (THETA), a blockchain-based video streaming platform, gained 18% in the past 24 hours to hit a new all-time high of $ 5.92.
Meanwhile, Polygon (MATIC) received a 33% increase on March 9th when Coinbase announced that the token would be added to Coinbase Pro.
The market cap for cryptocurrencies is now at $ 1.74 trillion, and Bitcoin’s dominance rate is 61.1%.
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