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As Bitcoin gains momentum, Michael Saylor, the executive chairman of MicroStrategy, took to X (Formerly Twitter) with a simple yet powerful message: "Ready to Go." His tweet quickly caught the attention of the crypto community, highlighting the optimism and expectations around Bitcoin's current price rise.
The Federal Reserve cut interest rates on Thursday, as expected, giving Bitcoin a boost, and extending its three-day rally. Bitcoin has been on a steady upward trend this week, surpassing $76,000 and establishing new all-time highs for two days in a row.
Tomiwabold OlajideOn Thursday, Bitcoin reached its current all-time high of $76,999. Market optimism is increasing as Bitcoin retested the $76,000 mark in Friday's trading session, reaching highs of $76,483 before slightly retreating.
According to CoinMarketCap data, Bitcoin is now priced at $76,160, up roughly 2% in the last 24 hours and 7% over the last seven days. The cryptocurrency's almost 80% gain in 2024, powered in part by a Federal Reserve interest rate reduction, outperforms traditional investments such as global stocks and gold.
Bitcoin hits all-time highs
Following many months of consolidation and sideways market activity, Bitcoin reached fresh all-time highs this week. According to Glassnode, volatility persists on options markets, but on-chain capital inflows rise, implying a steady stream of new demand.
Options markets are pricing in increased volatility as investors hedge their bets in both directions.
Over the past month, U.S. Bitcoin ETFs have shown unprecedented demand, with inflows rivaling the product's early success. In the last 24 hours, U.S. exchange-traded funds that invest in Bitcoin reported a record daily net inflow of $1.38 billion.
The Bitcoin Realized Cap has risen by 3.8% in the last 30 days, marking one of the highest inflow levels since January 2023. The realized cap is currently trading at an ATH of $656 billion, with a $2.5 billion net 30-day capital inflow.
Arman Shirinyan
Alex Dovbnya
Dan Burgin