Bitcoin soars more than 10% and reaches $57,000 for the first time since 2021

He cryptocurrency market Every day he is closer to making history. He bitcoin (BTC) It skyrocketed in the last 24 hours and has managed to climb to US$57,000 for the first time since November 2021, the month in which it marked its highest price of all time. At this time, the leading cryptocurrency trades slightly down after rising more than 24% in the last day and remains for above US$56,000.+

Thus, the ten cryptocurrencies The main ones climb more than 10% led by Bitcoin, followed by Solana (SOL) up 9.8%, Avalanche (AVAX) up 7.4%, Cardano (ADA) at 6.8% and Ethereum (ETH) at 6.4%.

He BTC rally It began this past Monday first thing in the morning in the United States. The digital asset began its escalation exceeding $53,000, also for the first time since November 2021 and never looked back. It was the coincidence with the arrival of morning in Asian time when the leading cryptocurrency received the boost enough to break above $55,000 and don’t stop until you beat the US$57,000. The next key resistance is at US$59,000.

The influence of ETFs

The rise of bitcoin stimulated a increased activity in exchange-traded funds (ETF) for spot bitcoin in the US. Specifically, Bloomberg calculates that the so-called ‘Big Nine’, which groups together 9 of the 10 large bitcoin ETFs and excludes Grayscale Bitcoin Trust (GBTC), recorded a record trading volume of $2.4 billion. Likewise, GBTC barely saw a net outflow of 921 tokens, the lowest since the IPO of these investment products on January 11.

“From my point of view, the approval of BTC ETFs in the United States has marked a fundamental global change in the crypto market“, says Rania Gule, market analyst at ETF, sold “substantial” amounts of its assets during the week.

According to Gule, the US has positioned itself as the leading country for assets under management with a total of $34.78 billion in 10 bitcoin exchange-traded funds, which represents “83.3% of the immediate $41.74 billion” global Bitcoin ETF market.

Despite all this, this expert does not foresee a greater short-term bullish momentum for bitcoin. “More than $10 billion has been added to its market value in just 17 days, amid the growing expectation for the ‘halving’which has historically caused fluctuations in price, including a drop before the event, which I think is likely to happen again,” Gule reflects.

On the other hand, something surprising and chaotic also happened in the cryptocurrency market over the weekend that some experts point out could have supported bitcoin. And last Friday they appeared emails supposedly from Bitcoin developer, Satoshi Nakamoto, thanks to Marty Malmi, one of the first contributors to the leading crypto asset. These emails emerged during a legal battle in London involving Australian businessman Craig Wright, who claimed to be Nakamoto, making his claims seem less credible.

“The dialogue between Nakamoto and Malmi revealed that the decision to limit Bitcoin supply to 21 million tokens was not arbitrary, but a deliberate choice. Nakamoto described it as a “calculated assumption”, with the aim of aligning price mechanics of bitcoin with other cryptocurrencies and recognize the uncertainty about future market conditions. In addition, Nakamoto stated that the 21 million BTC cap represents a small part of global trade, ensuring the scalability of the global monetary system. He stated that this decision “was taken in anticipation that the valuation of bitcoin would fluctuate compared to traditional fiat currencies,” explains Gule.

Ethereum surpasses Bitcoin

For his part, the ethereum (ETH) He is also doing well in recent days. The largest ‘altcoin’ on the market is surpassing bitcoin performance and has managed to exceed $3,200 in the last few hours, its highest level in almost 2 years. Experts are excited about the asset potential due to the possibility of their own spot ETFs being approved and the possible changes that the next blockchain update.