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Published February 29, 20243 min read

Bitcoin Surpasses $60k: An Analysis of Market Resilience and Future Trends

CoinMooner Team

at Coinmooner is excited to share with you some thrilling news that hasn't happened in nearly two years. These days, the world's most famous cryptocurrency, Bitcoin, has reached the $60,000 mark. In the past 24 hours alone, the price of BTC has surged by 13% to $63,968 — marking the first time it has gone above $60k since November 2021. This surge even caused a hiccup on one of the leading global exchanges, Coinbase, which traded $8,094,921,798 in 24 hours, second only to Binance. The demand and supply simply overwhelmed their system for a while. The outage occurred on Wednesday, February 28th, during a surge in demand to buy bitcoins. Many Coinbase customers were alarmed to find a zero balance when logging into the exchange's app.

This impressive growth is largely driven by demand for the token from new exchange-traded funds in the US, surpassing the physical amount of bitcoins in circulation. Another factor is the halving, halving the growth of BTC supply by half, which also contributes to bullish sentiment in the market and attracts interest. This gave traders an additional incentive, prompting speculators to close their bearish positions.

Undoubtedly, it could be expected that this digital gold would impact the global market this year, and a good confirmation of this was the successful launch of American ETFs, which we talked about in our article "A New Era of Investments: Bitcoin Gains Legal Status." This debut, undoubtedly, became a landmark moment, shedding light on the possibilities of cryptocurrency funds and their impact on the global economy.

The beginning of the year is also marked by an impressive rise in Bitcoin by more than 40%, which undoubtedly created an additional impulse for market development. The successful approval of the SEC was a key moment that provided the cryptocurrency market with a net capital inflow of around $7 billion. This not only confirms the growing confidence of investors in the prospects of cryptocurrencies but also underscores the importance of regulatory authorities in shaping financial trends.'

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We want to remind you about Bitcoin's growth timeline based on our articles and a big event on December 3, 2023. In an article titled "Why Bitcoin Keeps Going Up: Uncovering the Reasons," our team at Coinmooner celebrated Bitcoin reaching $39,000, setting a new yearly record. That's impressive considering it was at a similar high level only in May 2022. Now, just three months later, Bitcoin keeps reaching new highs, grabbing the attention of many worldwide.

It's worth noting that the flow into Bitcoin ETFs has been a topic of discussion, hinting at a possible decrease in supply. Nearly 80% of BTC has stayed with owners unchanged over the last six months, and 9 new spot ETFs control over 300,000 bitcoins, seven times more than the new tokens mined since January 11. This could be a significant incentive for investors who already own Bitcoin, as reducing the supply may increase its value. It's also a good example for those considering long-term investments. Just five years ago, Bitcoin was around $4,000, showing how much its holders have earned.

Coinmooner team promises to keep an eye on all events worldwide and keep you updated on the development of the world's most popular cryptocurrency. We also want to remind our readers of the importance of verifying information independently during times of increased interest. Scammers are always ready to use such situations to deceive unsuspecting users and steal their finances. Therefore, we strongly recommend always being cautious in the Web3sphere and using cutting-edge security methods to minimize the risks of financial loss.

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