The crypto market has been quite dynamic recently. Letβs take a look at the current trends:
Bitcoin (BTC): Bitcoin, the pioneer cryptocurrency, has experienced significant gains. After a lackluster January, it surged to new multi-year highs in February. The recent launch of the first spot bitcoin ETFs pushed BTC prices above $60,000 for the first time since 2021. In early March, BTC briefly surpassed its previous all-time intraday high, reaching $68,990.90. The momentum continues, and year-to-date, BTC prices are up by 45%.
Ethereum (ETH): Ethereum also rallied in February, partly due to bitcoinβs momentum and anticipation of the networkβs Dencun tech upgrade scheduled for March 13. Additionally, investors hope for the approval of the first spot Ethereum ETFs by the U.S. Securities and Exchange Commission. Ethereum prices have risen by 47% year-to-date.
Spot Bitcoin ETFs: The SECβs approval of 11 spot bitcoin ETFs in January 2024 was a significant development. Trading volumes in popular ETFs like the Grayscale Bitcoin Trust (GBTC), Fidelity Wise Origin Bitcoin Fund (FBTC), and iShares Bitcoin Trust (IBIT) surged as bitcoin prices broke out to new 52-week highs in February. IBIT, for instance, registered record inflows of $520.2 million and a record daily trading volume of $1.36 billion on February 27.