A sudden spike in the crypto volatility index at the week’s beginning worked in Bitcoin’s favor, as its price action witnessed a steep rise and crossed $64,500.
Bitcoin’s trading volumes went through an uptrend in the last 24 hours as bulls pulled BTC above the $64,500 mark. At the same time, the crypto volatility index has also increased. The sharp uptick in the index helped the crypto market cap touch record levels. Meanwhile, Bitcoin could go above $65,000 soon if bulls sustain the current momentum.
Over the weekend, BTC was stuck in a narrow trading range above $61,000. The price breakout occurred soon after Bitcoin’s trading volumes surged. Moreover, Ethereum has emerged as another spotlight in the crypto rally, holding $3,500. Its weekly gains also hovered above 12%, taking its market cap above $410 billion.
SOL, XRP, ADA, and AVAX also posted positive double-digit weekly returns. SHIB’s weekly price returns touched almost 176%, while DOGE rallied by around 90% in a week.
Sergey Nazarov, founder of blockchain firm Chainlink, spoke about the new buyers in the crypto market and said, “the net new buyers is the global financial system, which is a very, very big group of net new buyers.” Thus, crypto may have become a preferred asset class for an extensive set of new investors.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,600 on March 4, 2024, with BTC/USD trading higher by a margin of 5.3% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.27 trillion.
BTC/USD is trading higher than its 20-day EMA (52,647.83), as BTC’s 24-hour volume was at around $36.9 billion. The global crypto market cap increased by around 4.83%, trading above $2.42 trillion. BTC’s year-to-date returns are at 53.87%.
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