Red Bull in Bitcoin: Jumps over $6000 in a single day

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Mumbai: Bitcoin price crossed the $57,000 mark for the first time since December 2021 on strong demand from Bitcoin Exchange Traded Funds (ETFs). In the last twenty-four hours, the price of Bitcoin has jumped by more than 6000 dollars.

In the last twenty-four hours, the lowest price was seen at 50948 dollars. The price of Ethereum, the second largest cryptocurrency in terms of market cap, also surged behind Bitcoin to its highest level since April 2022. Ethereum crossed the $3200 level.

A report that enterprise software company MicroStrategy bought another 3,000 bitcoins also boosted market sentiment.

After hitting $57,039 in the last twenty-four hours, Bitcoin slipped below $56,000 late in the evening. There was profit booking at the higher end. As a result of the surge in Bitcoin, the market cap of cryptocurrencies rose past $2.20 trillion.

After being under constant pressure in 2023, Bitcoin is seeing a big boom in 2024. After the approval of the ETF earlier this year, the big players in Bitcoin have been buying, market sources said. In November, 2021, Bitcoin price reached an all-time high of $69,000.

Bitcoin has also been a source of attraction for players due to large price fluctuations. Bitcoin ETFs are also expected to gain widespread investor acceptance.

Bitcoin has become the second largest ETF commodity in the US after silver. Bitcoin has seen a 33 percent increase so far in 2024 due to a huge increase in demand after the launch of ETFs.

Bitcoin ETFs have seen inflows of $5.60 billion so far.


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