Bitcoin inches to $57,000, eyes all-time high with 18% gap
The price of Bitcoin (BTC) moved closer to $57,000 on Monday after breaking through the $53,000 mark. At press time, BTC is trading at around $56,497, around 18% away from the all-time high of $68,789 in November 2021.
As bulls take charge, the crypto market cap tops $2.14 trillion, up almost 7.35% in the last 24 hours.
Bitcoin’s price surge comes amid the strong performance of spot Bitcoin exchange-traded funds (ETFs). Bloomberg ETF analyst Erich Balchunas noted that BlackRock’s iShares Bitcoin Trust (IBIT) traded $1 billion worth of shares on Monday. With significant trading activity, the fund is ranked 11th among all ETFs.
Balchunas said in a separate statement that the success of spot Bitcoin ETFs is challenging the throne of gold ETFs. He predicted that Bitcoin ETFs could surpass gold ETFs in AUM in less than two years.
Analysts previously anticipated a potential supply shock due to the combined buying pressure from those Bitcoin ETF funds, especially with the Bitcoin halving approaching. This supply-demand dynamic could drive the price upwards.
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