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.

However, Bitcoin retraced to $34,000 following the removal and subsequent resurfacing of the BlackRock Bitcoin ETF from the DTCC’s website.

After roughly a year and a half, Bitcoin reached $35,000 on Tuesday. Expectations of approval by the US Securities and Exchange Commission (US SEC), the country’s stock market authorities, to directly invest in cryptocurrencies drove the largest digital token to increase 20% in a week, reaching its highest levels since May 2022.

The crypto market is attempting to regain ground following a prolonged crypto winter that began in late 2021 as a result of a series of crypto project failures and a liquidity bottleneck in the global economy. However, the last week offered some good news for new-age asset class fans.

Traders expected the Securities and Exchange Commission to approve exchange-traded funds (ETFs) in the coming months. The potential of a spot Bitcoin ETF is expected to drive larger cryptocurrency flows, as it would allow a broader set of investors to buy exposure without physically trading it.

However, Bitcoin retraced to $34,000 following the removal and subsequent resurfacing of the BlackRock Bitcoin ETF from the DTCC’s website. IBTC ETF ticker from the website of the Depository Trust & Clearing Corporation (DTCC).

Bitcoin has surpassed the $35,000 milestone in the last 24 hours, owing mostly to the ticker of BlackRock’s Bitcoin ETF (IBTC) being listed on the DTCC, implying SEC approval. This development pushed Bitcoin to a new yearly high due to strong market demand.

BlackRock was a major driver of this increase. Rising inflation, as well as Grayscale’s application to convert its GBTC to a spot ETF being evaluated by the SEC, may have spurred bullishness.”

The bullish sentiment in the crypto market pushed the other crypto tokens higher, with Ethereum gaining approximately 15% to reach $1,800, and Solana gaining 30% in a week. Other altcoins such as Chainlink, Mina, and Injective have increased by 50-90 percent in a week. The general excitement in the digital token field has driven the crypto market capitalization close to $1.3 trillion.

The rally has been fueled by a positive development regarding its US spot ETF approval – BlackRock’s iShares Bitcoin trust was submitted and listed into the depository trust clearing corporation with the official ticker code $IBTC, bringing the ETF one step closer to reality.

The Depository Trust & Clearing Corporation’s (DTCC) website briefly removed BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC. The ticker was relisted after a few hours, although it generated speculation about the Bitcoin ETF approvals.

Bitcoin has entered a bullish midterm zone following a breakout of the $31,500 barrier. As long as the price remains above this level, bullish sentiment is projected to outnumber bearish forces. As a result, there is a possibility of further upward movement, potentially reaching the area of $36,000 to $38,000.

Bitcoin is currently stabilising after trading above its 50-day and 200-day exponential moving averages.

It is worth noting that Bitcoin’s share of the crypto market cap has risen to 54%, a level not seen since April 2021. As the whole crypto market value has yet to reach a new high this year, this suggests that there is a strong rotation of capital to the number one crypto asset.

Bitcoin has retreated to about $34,000 today, as predicted after such a strong surge. As long as it holds $33,000, the likelihood of withdrawing $35,000 again in the near term remains strong.