Bitcoin (BTC) was nearing the $60,000 mark in early Wednesday trading, experiencing its most significant three-day rally in recent times.
The leading cryptocurrency has seen an increase of over 13% week-on-week against the US dollar, reaching $59,127.99 at the time of this report.
This surge marks the first time Bitcoin has crossed the $59,000 threshold since its remarkable bull run in November 2021.
Bitcoin enthusiasts are now setting their sights on the $69,000 level, which represents the cryptocurrency’s highest value to date.
However, the presence of sell orders at the $60,000 level, as observed on the Binance exchange, indicates that a considerable number of traders are prepared to sell at this price.
Continued investment into Bitcoin-focused exchange-traded funds (ETFs) is fueling optimism in the market. Notably, Bloomberg data revealed a record level of inflows on the previous day into BlackRock’s iShares Bitcoin ETF (IBIT).
Bitcoin’s surge in value catches short sellers off guard
As ETF volumes significantly influence Bitcoin’s market price, its dominance in the cryptocurrency market has risen to over 54%, a notable increase from approximately 53% last week.
Ethereum (ETH), ranking second in the cryptocurrency market, is also experiencing a strong upward trend, with an almost 11% increase on a week-to-week basis.
In the wider realm of alternative cryptocurrencies, Binance’s BNB token has seen a 15% rise in the past week, while Dogecoin (DOGE) has gained over 18%.
Other cryptocurrencies such as Solana (SOL), Ripple (XRP), Cardano (ADA), and Avalanche (AVAX) have also seen significant growth, with each adding high single-digit percentages to their market prices.
