Bitcoin (BTC) was approaching $60,000 in early Wednesday exchanges amid the strongest three-day surge in recent memory.
The world’s largest cryptocurrency has added over 13% against the US week on week, bringing the BTC/USD to $59,158 at the time of writing.
It marks the first time bitcoin has surged above $59,000 since the unprecedented bull run in November 2021.
Bitcoin bulls are now eyeing up $69,000, which is where the cryptocurrency’s all-time high is currently set.
However, sell orders at $60,000, as seen on Binance’s order book, suggest that a not insignificant amount of traders are willing to cash out at this price point.
Sustained inflows into spot-bitcoin exchange-traded funds are keeping optimism in the spot markets alive, with Bloomberg data showing a record day of inflows yesterday for BlackRock’s iShares Bitcoin ETF (IBIT).
Another intense volume day for the Nine with well over $2b traded. $IBIT broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la $HODL. pic.twitter.com/KkCkdQKe9r
— Eric Balchunas (@EricBalchunas) February 27, 2024
With ETF volumes driving bitcoin’s spot price, bitcoin’s dominance of the crypto markets has surged above 54%, up from closer to 53% this time last week.
Ethereum (ETH), the second largest cryptocurrency, is also on a rip, adding nearly 11% week on week.
In the broader altcoin space, Binance’s BNB token has added 15% over the past seven days, with Dogecoin (DOGE) adding over 18%.
Meanwhile, Solana (SOL), Ripple (XRP), Cardano (ADA) and Avalanche (AVAX) have added high single digits to their spot prices.