Bitcoin increased violently by nearly 50%, exceeding 1.5 billion VND, towards a historic peak
Digital currency Bitcoin increased dramatically in price and exceeded the threshold of 63,000 USD/BTC, towards the historical peak recorded at the end of 2021. Bitcoin capitalization reached 1,240 billion USD.
During the trading session of February 28 in the US market and February 29 in Asia, Bitcoin soared and at times exceeded the threshold of 63,000 USD/BTC, equivalent to about 1.56 billion VND/BTC. This is the highest price in more than two years for this currency.
Thus, Bitcoin has skyrocketed again as predicted by many organizations, in the context that this currency has been officially allowed by the US regulatory agency to establish an ETF investment fund in digital currencies. Large legal money flows have flowed into this channel
There are currently 11 Bitcoin spot ETFs, holding a total of more than 300,000 Bitcoin, or about 1.5% of total supply. With a very strong breakthrough, up to more than 10% in the trading session on February 29, Bitcoin is gradually moving towards the historical peak of 69,000 USD established in November 2021.
During the February 29 session, Bitcoin at one point reached nearly 64,000 USD, an increase of about 50% since the beginning of 2024. Previously, on February 28, Bitcoin surpassed the $60,000 mark for the first time since November 2021.
Bitcoin has gained strong momentum since the end of 2023 after the US officially allowed the establishment of ETF investment funds in digital currencies. Besides, the halving event takes place around April 2024. This is an event that cuts miners' rewards by 50%, taking place every 4 years.
Bitcoin's breakthrough at this time is quite surprising when the USD is still strengthening, gold prices are rising and many stock markets, including the US, are setting all-time high records. Besides Bitcoin, many other digital currencies also increased sharply, such as Ethereum - ETH (up 17% in the past 7 days); BNB increased by 9.6%... Ethereum's market capitalization reached 417 billion USD. Meanwhile, BNB scale reached 62 billion USD. The total capitalization of global digital currencies as of February 29 reached 2,320 billion USD
Bitcoin is forecast to increase, reaching 3.7 billion VND/BTC
Bitcoin has increased sharply since the beginning of 2024 mainly due to the continued flow of money into spot bitcoin ETFs. According to data from LSEG Lipper, billions of dollars have been poured into newly listed Bitcoin ETFs in the US, thereby pushing up the price of this currency.
Bitcoin price increases, causing many individuals and organizations to hold large profits. According to CoinDesk, El Salvador President Nayib Bukele previously purchased 2,381 Bitcoins for the treasury at an average price of nearly $44,300. At current prices, El Salvador has made a profit of more than 40%, equivalent to 41.6 million USD. El Salvador legalizes Bitcoin from September 2021. This is the first country in the world to apply digital currency as a national currency.
According to Simon Peters, analyst at trading platform eToro, Bitcoin's all-time high price could be broken anytime in the near future. The driving force behind that is definitely the bitcoin spot ETF. Tony Sycamore, analyst at brokerage firm IG Markets, said that Bitcoin could also retest and break the $69,000 threshold to reach a new record high.
On CNCB, famous Wall Street analyst Tom Lee - co-founder and chief strategist of Fundstrat Global Advisors, said that Bitcoin will quickly reach 150,000 USD in 2024 (about 3.7 billion VND). /BTC) and reached 500,000 USD/BTC after 5 years, equivalent to more than 12 billion VND/BTC.
A recent report from Standard Chartered Bank predicts that spot bitcoin ETFs could attract $50-100 billion in investment capital in 2024 alone, thereby pushing Bitcoin prices up to $100,000.
