Multiple tokens in the market rallied in the last 24 hours as bullish crypto price indicators remained consistent, while Bitcoin’s surge led to optimism.
Bitcoin firmly traded over $71,000 since March 11 and finally crossed the $72,000 mark in the next 24 hours. As a result, the broader crypto price indicators have been the most bullish in over two years. Bulls would now have to defend the crypto market’s price strength to take it higher soon. At the same time, analysts and experts have contrasting opinions on a correction, but the overall sentiments are optimistic.
Bitcoin has rallied by over 70% in under three months in 2024. While some point at a looming crypto market correction, others are bullish about BTC’s price. The Bitcoin-halving event in 2024 will likely be a big trigger for a crypto rally. Meanwhile, the crypto ETF inflows continue to rise, providing parallel support to BTC. The ETF inflows posted record weekly numbers at around $2.7 billion.
The same research report that reported the ETF inflows also said, “Bitcoin remained the focus of investors, seeing US$2.6bn inflows with year-to-date inflows now representing 14% of total AuM.” Moreover, SOL was another crypto token that attracted significant weekly inflows. The token has already surged by over 16% within a week.
ETH also traded over $4,000, with stable returns in the last seven days, at around 8%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $ 72,000 on March 12, 2024, with BTC/USD trading higher by a margin of 1.2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.41 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (59,327.53), as BTC’s 24-hour volume was at around $57 billion. The global crypto market cap increased by around 1.02%, trading above $2.71 trillion. BTC’s year-to-date returns are at 71.79%.
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