The digital counterpart of gold, Bitcoin (BTC), paralleled the rally of physical gold this Monday. While it hasn’t reached a new all-time high like its tangible counterpart, Bitcoin witnessed a significant increase.
As the UK markets opened, Bitcoin’s value surged by 2.8%, pushing its price over $71,350 at the time this was written.
Should the current trend continue, the BTC/USD pair is on track to exceed its two-week high, potentially challenging the all-time high (ATH) of $73,777 recorded in mid-March.
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An examination of Binance’s order book indicates that the $71,500 mark is a key resistance level for Bitcoin, as evidenced by the concentrated sell orders at this price point.
Bitcoin’s recent upward trajectory is partly due to renewed interest in exchange-traded funds (ETFs) after a dip in late March and early April.
According to Farside’s bitcoin ETF tracker, last Friday saw an influx of $203 million into the bitcoin ETF market, following a $213.4 million inflow the previous day.
So far this year, bitcoin ETFs have amassed a net total of $12.6 billion, significantly influencing the digital currency’s value.
This week, Bitcoin has experienced a 2.7% increase, surpassing Ethereum (ETH), the second-largest cryptocurrency, which has seen a rise of less than 1%.
The trading value of the ETH/USD pair was last recorded at $3,560.
Looking at the wider altcoin market, both BNB and Dogecoin (DOGE) have gained a few percentage points week-on-week, whereas Solana (SOL) has seen a 7.3% decline in value against the US dollar.
The total value of the global cryptocurrency market is currently at $2.66 trillion, with Bitcoin accounting for 52.8% of this market share.
