Bitcoin hits $66,000 level, cryptocurrency total market cap crosses $2.5 trillion
Bitcoin, the world's largest cryptocurrency by value, hit a two-year high on Monday, surpassing the $66,000 mark as a wave of money brought it within striking distance of the record levels.
The Bitcoin price hit a session high of $66,319. It was last up 6.4% at $66,254. From the current market price, Bitcoin is 4% away from its all-time high of $68,999.99, which it touched in November 2021.
Meanwhile, the global cryptocurrency market cap surged 3.6% to around $2.54 trillion in the last 24 hours, according to data availabel at CoinGecko.
Bitcoin is up 50% this year and most of the increase has come in the past few weeks, where inflows into US-listed Bitcoin funds have increased.
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View Details»Net flows into the 10 largest US spot Bitcoin funds reached $2.17 billion in the week to March 1, with more than half of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data.
Commenting on the rally of Bitcoin, Edul Patel CEO of Mudrex said, «There is a positive sentiment across the market with institutional demand, spot Bitcoin ETFs growth, and the approaching halving event.»
«Out of 19.6 million Bitcoin currently circulating in the market, 13.6 million which is close to 70% is in the possession of hodlers who have been holding on to Bitcoin over a one year period which shows increasing long-term investment sentiment. If
