Bitcoin (BTC) reached a peak of $64,000 on Wednesday, edging closer to its all-time high of $69,000 as the leading cryptocurrency continues its upward trajectory.
Despite a slight pullback to below $62,500 at Wednesday’s close due to some selling activity, BTC/USD still recorded a daily increase of over 9%, the most robust single-day performance in more than four months.
On a weekly basis, Bitcoin has surged an impressive 21%, and its year-to-date growth is nearly 50%, driven by a mix of exchange-traded fund (ETF) inflows and a wave of FOMO (fear of missing out).
BlackRock’s iShares Bitcoin ETF (IBIT) experienced a record inflow of $612 million on Wednesday alone. Overall, the day saw a combined inflow of $673 million into all 10 Bitcoin ETFs, setting another record, as per Bloomberg’s data.
With assets under management now exceeding $9 billion, IBIT is witnessing significant growth. Despite notable withdrawals from the Grayscale Bitcoin Trust (GBTC), the total net inflows for all Bitcoin ETF products stand at approximately $7.4 billion.
This influx of capital into Bitcoin ETFs is contributing to the purchase of Bitcoin in the spot markets, further fueling the cryptocurrency’s remarkable ascent.
Ethereum (ETH), ranking as the second-largest cryptocurrency, has experienced a 17% surge against the US dollar in the last week, pushing the ETH/USD spot price near the $3,500 mark, a level not seen in almost two years.
Among other altcoins, Solana (SOL) has witnessed a 23% increase on a weekly basis, and Dogecoin (DOGE) has seen a dramatic rise of over 50%.
The total market capitalization of cryptocurrencies globally is now at $2.33 trillion, with Bitcoin holding a dominance of 54.5%.
The Bitcoin price is $62,699.91, a change of 5.75% over the past 24 hours as of 11:00 a.m.
