#Write2earn #Bitcoin Rally Continues: #ETF Demand Sparks Optimism #bullRun #BullMarket
Bitcoin's current upward surge faces relatively few obstacles. The leading cryptocurrency has seen consecutive days of gains, edging closer to its previous peak, largely fueled by the anticipation of strong demand for exchange-traded funds (ETFs) at the beginning of the week.
Reaching as high as $65,010, its highest since November 2021, Bitcoin has shown remarkable resilience, although it retraced slightly to $64,917 by 8:28 a.m. London time.
The driving force behind this bullish momentum is the seemingly unquenchable appetite from US-listed Bitcoin ETFs, which commenced trading on January 11. Over the past year, Bitcoin has surged approximately 186%.
A substantial influx of $7.35 billion has poured into US Bitcoin ETFs since their introduction, attracting investments from major players like BlackRock Inc. and Fidelity Investments. Even substantial outflows, such as the nearly $9 billion from the Grayscale Bitcoin Trust since the ETFs' launch, have failed to deter traders.
Hayden Hughes, co-founder of social-trading platform Alpha Impact, remarked, "Given the low liquidity over the weekend, markets are moving north in anticipation that tonight’s ETF inflows will continue and prices will continue to rally."
Traders are optimistic about Bitcoin's price surpassing its previous record of almost $69,000, achieved during the Covid pandemic in November 2021. This optimism stems from the strong demand for ETFs and concerns about missing out before the upcoming Bitcoin halving expected in April. The halving, which cuts the reward for mining in half, could reduce the coin's supply growth, further intensifying demand.
Altcoins like Cardano and Solana also experienced gains on Monday, with increases of 8% and 1%, respectively.
The rise of small-cap tokens, or meme coins, mirrored Bitcoin's rally. Dogecoin surged nearly 20%, while Shiba Inu rose by 34% in the last 24 hours.
