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Bitcoin Set for Largest Monthly Gain Since Decembe

网络 2024-03-01 08:18:07 币百科已有人查阅

导读According to CoinDesk, Bitcoin is on track to close February with a 44% gain, marking its largest monthly advance since December 2020. The cryptocurrency's demand via U.S.-listed spot bitcoin ETFs is met with constrained supply, dominated by long-ter

According to CoinDesk, Bitcoin is on track to close February with a 44% gain, marking its largest monthly advance since December 2020. The cryptocurrency's demand via U.S.-listed spot bitcoin ETFs is met with constrained supply, dominated by long-term holders unwilling to sell, according to Galaxy's Alex Thorn. Bitcoin has pierced $50,000 and $60,000 for the first time in years, reaching a $64,000 high on Wednesday. The rally followed a sell-the-news pullback below $40,000 after the debut of spot bitcoin exchange-traded funds (ETF) in the U.S. in late January.

February's crypto rally was broad-based, with the CoinDesk 20 Index (CD20) advancing more than 40%. Decentralized exchange Uniswap's governance token (UNI), decentralized data storage network Filecoin's FIL, and popular meme token dogecoin (DOGE) were the best performers of the CD20, outperforming BTC's gains. Analysts still see further upside for bitcoin, with Alex Thorn, head of firmwide research at Galaxy, stating that the U.S. spot bitcoin ETFs are a 'game changer,' providing steady and recently accelerating demand for BTC. On-chain transaction volume on the Bitcoin network and retail interest in crypto are still far off from levels experienced during prior peaks, according to IntoTheBlock analysts. Crypto analytics firm Swissblock predicted that bitcoin's current uptrend is 'just the start of what is to come.' However, they urged caution against rushing into the market at these elevated levels, suggesting a more prudent approach may be to wait for short-term pullbacks for buying opportunities.