Bitcoin Price Crosses $59,000 Amid Wider Crypto Rally
The price of Bitcoin (BTC) has crossed the $59,000 mark amid a notable rally within the broader cryptocurrency market.
At the time of writing, BTC is trading at $59,140, up by more than 5% over the past day. The leading cryptocurrency is up by 15% over the past week and around 40% over the past month.
It is worth noting that Bitcoin is merely 14% away from its all-time high of $68,789 recorded in November 2021.
The #Bitcoin bullish megaphone is playing out again!
Price is rapidly closing in on the target: $60,000. pic.twitter.com/sELibMAraC
— Jelle (@CryptoJelleNL) February 28, 2024
The surge in price comes as spot Bitcoin ETFs continue to attract investments from institutional investors.
Data from Farside shows that total spot Bitcoin inflows has reached a staggering $6.7 billion since the SEC greenlighted the products on January 10.
On average, these products have seen $210 million in daily inflows.
In the past week, Bitcoin ETFs recorded an unprecedented $2.4 billion in weekly inflows, with BlackRock’s IBIT and Fidelity’s FBTC leading the charge, attracting $1.6 billion and $648 million, respectively.
The spotlight on BlackRock’s iShares Bitcoin Trust (IBIT) is particularly noteworthy, as it outperformed nine other Bitcoin ETFs and ETFs of other asset classes, accumulating $1.673 billion in net inflows throughout the week.
Meanwhile, the surge in Bitcoin price comes amid a rally in the broader crypto market.
Ethereum, the second-largest cryptocurrency by market cap, has gained around 3% over the past day to hit $3,335. The token is up by over 45% over the past month.
In a recent report, Matrixport predicted that Bitcoin could reach a target of $63,000 by March 2024.
In its report, the firm
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