#Bitcoin up 70% in 2024 thanks to inflows of institutional capital

The value of bitcoin (BTC) has increased by about 70% since the beginning of 2024 due to a strong inflow of institutional capital. Large investors have been able to get in on the digital currency through exchange-traded crypto fund ETFs launched in the U.S. market in January.

However, Bloomberg analysts note that in terms of returns, BTC still lagged behind meme cryptocurrencies, which have been adding aggressively since late last year. The agency singles out Dogwifhat and Bonk as the most explosive tokens.

Last week, bitcoin once again attempted to approach the record highs recorded in March. However, the cryptocurrency failed to overcome resistance around $72,000, eventually slipping below $70,000 over the weekend.

On the night of Monday, June 10, the BTC rate dropped to $69,300. Traders' activity has been weakening for several days in a row. The day before, trading volume fell to $11.852 billion and the capitalization of the leading digital currency dropped to $1.366 billion.

The entry of cryptocurrency companies into the stock market is helping to boost the appeal of bitcoin and other coins. Another trigger of turbulence was the participation of famous politicians and representatives of show business in promoting projects related to the cryptosphere.

As Duke University finance professor Campbell Harvey noted, traders always react to positive and negative news. The market grows on the positive, and if Washington creates legal conditions for the development of the industry, retail and corporate investors will enter the cryptosphere more actively, and the price of digital currencies will increase.

Capital inflows into the spot bitcoin-ETF market have been seen since mid-March.

Crypto funds have raised more than $15.6 billion in 18 days, and the total assets under management of BTC ETFs have reached $62.3 billion#TopCoinsJune2024 #BinanceSquareFamily