The value of the global cryptocurrency market increased by almost 8% to $2.33 trillion. Over the past day, the overall volume of the cryptocurrency market increased by 110% to $198.71 billion.

The cryptocurrency market kept rising. On Thursday, bitcoin had yet another surge, closing in on $64,000 for the first time in about 27 months. The largest cryptocurrency token, valued at $1.24 trillion overall and up almost 11% in terms of market capitalization.

The long anticipated Bitcoin halving, the introduction of Bitcoin exchange-traded funds (ETFs), which is bringing in institutional flows, and rumors of Amazon’s Jeff Bezos’ interest in the digital asset class are largely responsible for the recent surge in the price of Bitcoin.

In the past day, Bitcoin has increased significantly, approaching $64,000. The US’s ten Bitcoin ETFs, whose trading volume surpassed $7.7 billion on a daily basis, are credited for this spike. In example, BlackRock’s Bitcoin ETF traded $3.3 billion on Wednesday, more than double its previous record volume, indicating the increasing demand.

In the first two months of 2024, Bitcoin increased by over 50%, and in February alone, it increased by almost 45%. The biggest cryptocurrency token has seen a 25% increase in valuation even in the past week. At 12:15 p.m. on Thursday, the price of bitcoin was almost $63,500.

With $7.5 billion traded in Bitcoin spot ETFs over the course of the last day, huge volumes were observed, doubling the previous record as BTC reached an all-time high in the Indian markets. With a gain of over 44% in February, bitcoin has had its largest monthly movement since December 2020.

Based on data from Coinmarketcap, the value of the global cryptocurrency market increased by almost 8% to $2.33 trillion. Over the past day, the overall volume of the cryptocurrency market increased by 109.95% to $198.71 billion. The percentage of Bitcoin users increased by over 1% to 53.27 percent.

With the market sentiment gradually shifting towards the category of “extreme greed,” all Indian investors who had previously made Bitcoin investments are now in a positive position. It is important to remember that during the halving event, Bitcoin has never reached its all-time high. It warned that the all-time high of $69,000 will serve as a significant obstacle.

The speculation that Jeff Bezos, who is rumored to have invested billions of dollars in Bitcoin, is interested in the digital asset class has caused the price of the cryptocurrency to skyrocket. But neither Bezos nor his massive online retailer Amazon have confirmed this.

The cryptocurrency industry has experienced a notable upswing, and Bitcoin has also experienced a rise, approaching its peak from November 2021. Strong inflows into BTC spot ETFs, historical patterns preceding halving events, and backing from significant institutions are driving this rise.

According to him, the rumored $8 billion Bitcoin investment by Jeff Bezos has fueled the flames even further. “Although the crypto world regards these claims with suspicion, the idea of Bezos joining the field has excited many. The rumors continue even though there isn’t any hard proof or an official announcement from Bezos or Amazon confirming the same.”

Market experts believe that institutional players are driving the current rally with less retail participation. They also believe that optimism in the crypto space stems from the possibility of the US Federal Reserve cutting interest rates this year amid the easing inflationary pressure, which pushes the appeal of Bitcoin future.

This indicates that as March approaches, Bitcoin may surpass its recent highs. Anticipation is only growing as the next halving event is scheduled for mid-April, creating the conditions for Bitcoin to go to previously unheard-of heights.

Although there are hints that the dollar index may be increasing, the technical indicators for BTC/USD point to a promising future. Additionally, the general increase in liquidity has encouraged investors to participate actively in the cryptocurrency market.