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BTC nearly achieved an all-time high, climbing to the $68,700 level at one point. Open interest in Bitcoin exceeded the previous record highs of 2021, reaching $31 billion. Analysts anticipate additional increases in BTC’s value along with potential correction phases.
As per CoinGecko data, the price of BTC approached an all-time high, stopping at $68,762, which is just 1% shy of the ATH established in November 2021.
As of 12:00 (GMT+2) on March 5, Bitcoin is priced at $66,400. BTC experienced an increase of nearly 5% over the last 24 hours but later encountered a minor correction. Analysts forecast further appreciation of its value, citing historical trends. Bitcoin has previously managed to double its ATH within a brief timeframe during bull markets. Notable instances include:
- March 2013. BTC surged by 158% in 18 days.
- November 2013. Bitcoin escalated from $200 to $1,000 in merely ten days.
- December 2020. The price of BTC hit an ATH and doubled within 23 days.
- April 2021. Prices began a significant rise, tripling over four months.
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The Fear and Greed Index has remained in the “extreme greed” territory for a month, achieving a score of 90 out of a possible 100 points — the highest level since February 2021.
Technical indicators suggest market volatility and increasing FOMO. Open interest in Bitcoin reached $31 billion, which is 27% above the record figures from April 2021, when open interest in BTC derivatives peaked at $24.3 billion. Analysts predict that BTC’s price may soon experience a substantial adjustment, but it is expected to show consistent growth over the long term.
Additionally, on March 1, 2024, a record was set for the amount of BTC withdrawn from cryptocurrency exchanges. Users withdrew approximately $2.3 billion worth of Bitcoin from centralized exchanges, with around $1 billion coming from Coinbase. This outflow of BTC from exchanges is among the largest seen in the past five years.
In light of the steady growth of BTC, new records were achieved in the market for spot Bitcoin ETFs. Daily trading volume and inflows reached $7.69 billion and $673 million, respectively.
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