Bitcoin over $60,000: what this milestone means for Crypto

2024-03-01 07:48:39

In the month of February, Bitcoin added more than 40% to its price per coin, reaching above the key psychological resistance level of $60,000. If BTCUSD can sustain above this important level, new all-time highs are less than 15% away.

However, more importantly, the recent display of strength could have a lasting ripple effect across the entire Crypto market.

What’s behind the demand for Bitcoin?

Now nearly two months since their debut, Bitcoin spot ETFs are driving serious demand in the face of a very finite supply of BTC. ETF inflows and their respective trading volume is rising by the day, breaking records set around the launch of these products in January.

More than 11,000 BTC were bought by the US spot ETFs in a single day record, while only a mere 900 new BTC were unlocked by miners. This has caused not only runaway price appreciation, but a swift change in overall sentiment surrounding Crypto.

Will Ethereum follow in ETF footsteps?

Considering the success of the Bitcoin spot ETFs in the United States, an Ethereum spot ETF has a high probability of being approved by mid-year, according to various sources.

Even CNBC’s Jim Cramer believes that it is “obvious” an ETH ETF will “soon bloom.”

Ethereum has lagged behind Bitcoin’s 2023 performance. However, this is not the historical norm, and could soon change to strong performance over BTC as demand shifts toward ETH.

An altcoin season could be coming soon

With sentiment shifting in the two primary market drivers in Crypto, altcoins are beginning to catch up. Following the collapse of FTX and other players from the 2021 bull run, investors became averse to the high risk associated with altcoins. But even that is changing.

Bitcoin is becoming expensive per coin, ing more investment into altcoins from retail. Meme coins like Dogecoin are starting to erupt, and early market leaders like Chainlink and Solana are making another leg up after several weeks of sideways consolidation.

Surging trading volume in search of the next 10x

Inevitably, traders will begin searching for the next coins with potential to 10x or more. Trading volumes will pick up steam as more and more market participants pile into the bull run. For active traders, it is critical to seek a platform that offers low fees to keep from eating into hard-earned profits.

PrimeXBT’s industry-low 0.01% and 0.02% maker and taker fees allows you to focus on strategy without sacrificing profitability. Adjustable leverage up to 200:1 means its possible to turn any coin into a 10x or more. Risk-loving traders can gear positions to the max, while more careful investors can dial it back to something more comfortable.

Prepare for bull market success with PrimeXBT

PrimeXBT also lets users buy Crypto, offering quick and safe access to BTC, ETH, USDT, and USDC. These top coins can be stored, sent to another wallet, or used as collateral to trade Crypto Futures, Indices, Forex, and Commodities using cutting edge trading infrastructure.

With low fees, powerful trading tools, access to 30 of the most popular coins plus another 70 traditional assets, PrimeXBT boasts the standout features that can help you thrive in the final stages of the bull market.

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