Bitcoin, the world’s most dominant cryptocurrency, rose to $64,248 per coin in the early hours of Monday as demand for exchange-traded funds (ETF) continued to grow.
Despite a slight retreat to $63,642 at the time of reporting, the overall trajectory remains bullish.
“Given the low liquidity over the weekend, markets are moving north in anticipation that tonight’s ETF inflows will continue and prices will continue to rally,” said Hayden Hughes, co-founder of social-trading platform Alpha Impact.
Other cryptocurrencies like Ether, the second-largest cryptocurrency, also recorded gains. Ether appreciated by 1.59% to $3,468 while Pepe, the popular meme coin, and Shib gained 59.47% and 27.57% respectively.
The crypto space is in the early stage of its bullish era as both institutional and retail investors look to take advantage of the weird volatility of the unregulated crypto space ahead of Bitcoin halving.
Bitcoin halving, a process that occurs roughly every four years, involves the reduction of miners’ rewards by half after every 210,000 completed blocks.
The current reward stands at 6.25 bitcoins per mined block and is set to be halved to 3.125 BTC in April/May 2024.
This reduction in bitcoin supply is expected to increase scarcity, thereby potentially bolstering Bitcoin’s price and the value of other cryptocurrencies.
Bitcoin has jumped about 186% in the last 12 months and increased its dominance to 52.3%.
