Hassan Maishera
TL;DR
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BTC has continued its rally and is now trading above the $57k level.
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The rally comes as BlackRock’s spot Bitcoin ETF hits a record volume of over $1.3 billion for the second consecutive day.
BTC Rallies by 5% to Surpass $57k
Bitcoin, the world’s leading cryptocurrency by market cap, has continued its excellent start to the week. It is up by 5% in the last 24 hours and is now trading above the $57k level as it continues to set new yearly highs.
At press time, BTC’s price stands at $57,046. The rally comes as BlackRock’s spot Bitcoin ETF continues to hit new milestones. BlackRock's IBIT traded $1.35 billion on Tuesday, surpassing Monday's record daily volume.
IBIT was also the fifth most-traded among all U.S.-listed ETFs during the morning hours as more institutional investors continued to enter the Bitcoin market.
Thanks to this rally, Bitcoin is now $12k away from its all-time high price of $69k. BTC continues to perform strongly ahead of the halving event in April. The halving will reduce the mining reward by 50% and could see Bitcoin set a new all-time high in the process.
DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. It is up by 10% in the last 24 hours and is now trading at $0.09782 per coin. Market analysts expect DOGE to rally higher in the coming weeks and months as it is still a long way from its all-time high.
With Bitcoin and the major altcoins rallying, the total cryptocurrency market cap increased by 3% and now stands at $2.15 trillion.
