BTC almost reached an all-time high, rising to the $68,700 mark at one point. Open interest in Bitcoin surpassed the record highs of 2021, hitting $31 billion. Analysts expect further growth in the value of BTC and periods of correction.
According to CoinGecko data, the value of BTC almost reached an all-time high, stopping at $68,762, just 1% below the ATH set in November 2021.
As of 12:00 (GMT+2) on March 5, Bitcoin stands at $66,400. BTC went up nearly 5% over the past 24 hours but eventually saw a slight correction. Analysts predict further growth of its quotations, referring to historical data. The price of Bitcoin more than once managed to double its ATH in a short period of time against the background of the bull market. The most indicative of such cases are:
- March 2013. BTC grew by 158% in 18 days.
- November 2013. Bitcoin went from $200 to $1,000 in just ten days.
- December 2020. The value of BTC reached an ATH and doubled within 23 days.
- April 2021. Quotes began an active growth, tripling in four months.
The Fear and Greed Index is in the “extreme greed” zone for a month, reaching 90 out of 100 possible points — the highest since February 2021.
Technical indicators point to market volatility and the rising FOMO. Open interest in Bitcoin reached $31 billion, which is 27% higher than the record figures of April 2021, when open interest in derivatives based on BTC rose to $24.3 billion. Analysts expect that the price of BTC may soon undergo a significant adjustment, but it’ll show stable growth in the long term.
It’s also worth noting that on March 1, 2024, there was a record for the number of BTC withdrawn from the accounts of crypto exchanges. Users withdrew about $2.3 billion worth of Bitcoin from CEXs. Of these, about $1 billion came from Coinbase. Such an outflow of BTC from crypto exchanges is one of the largest in the last five years.
Against the backdrop of stable BTC growth, new records were set in the market for spot Bitcoin ETFs. The daily indicators of trading volume and inflows reached $7.69 billion and $673 million, respectively.
