The world’s largest cryptocurrency bitcoin (BTC) touched an all-time high of $69,000 on Tuesday amid an ongoing bull run in the crypto markets.
After touching the ATH, BTC/USD faced a bout of selling pressure, sending the pair back to $67,100 at the time of writing.
Bitcoin’s bumper rally is largely the result of the flurry of spot-bitcoin exchange-traded funds approved for trading on the US markets in January.
Matteo Greco, research analyst at Fineqia International Inc (CSE:FNQ, OTC:FNQQF) stated: “The BTC Spot ETFs continue to exhibit strong momentum, with a cumulative net inflow of approximately $1.7 billion recorded last week, bringing the total net inflow since inception to about $7.4 billion.”
Inflows have continued this week, with Bloomberg data showing the second biggest day of volumes on Monday, with BlackRock’s iShares Bitcoin ETF (IBIT) surpassing $11 billion in assets under management.
Confirmed: today was second biggest volume day for the Ten at about $5.5b. $IBIT alone did $2.4b of it and has crossed $11b in aum. Each of them is up over 30% in 6 days, which will prob help keep flow ball rolling. Getting a bit of ARK Mania deja vu. pic.twitter.com/BDRYVPBk34— Eric Balchunas (@EricBalchunas) March 4, 2024
Gold has also reached an all-time high, having broken above US$2,100 per ounce for the first time in history.
“Record highs in the US, Japanese and German stock markets continue to make headlines, as does Bitcoin’s gallop toward its November 2021 zenith, but another, much more unsung commodity is also breaking new ground and that is gold, which is breaking above $2,100 an ounce for the first time,” said AJ Bell investment director Russ Mould.
Catalysts with gold’s rally are different, with falling Treasury yields and a weaker dollar starting to make gold more attractive.
“The metal’s rate of progress might be less spectacular, but its steady gains may reflect the ongoing increase in government debt around the globe, but particularly in the USA," added Mould.