Bitcoin Cross $70K, Nearing Silver's $1.4T Market Cap.
Bitcoin (BTC) continued to knock off $1,000 milestones, surging past $70,000 and nearing not just its own record high of $74,000, but the nearly $1.4 trillion market capitalization of silver.
Though we saw the volume dipped yesterday (14 Mar 2024) causing Bitcoin into a correction and affecting other cryptos including crypto stocks and ETFs.
Something to take note is we saw most of the Spot Bitcoin ETFs recovering in after hours training on 14 Mar 2024.
We could be seeing more such correction as the build up is getting closer to halving in April. With this year's meteoric rise, BTC is rapidly becoming one of the largest global assets, and at current levels has surpassed the $1.3 trillion market capitalization threshold. It is now closing in on silver's market cap of $1.4 trillion, according to data compiled by Companies Market Cap after earlier in this bull run toppling that of Facebook parent company $Meta Platforms, Inc.(META)$.
Bitcoin ETF frenzy continues
Blackrock iShares Bitcoin Trust (IBIT) surpassed $2.1 billion in trading volume with still some time before the session close (after dropping more than 5.5%), we saw that it rebounded with close to 3%.
IBIT was the most traded ETF during the day for 13 March 2024, it has also surpass the $SPDR Gold Shares(GLD)$ trading volume.
Bitcoin All-Time High Next Week?
If we observed how Bitcoin price have moved with Ethereum and Defi index, we will noticed that after a minor correction, we might see Bitcoin trying for a new high. I would suspect that Bitcoin's price action will "astonish" next week, suspecting new all-time highs this week as demand expanded to outside of the U.S. and ETF inflows will continue to be strong.
Bitcoin is also outperforming the tech-heavy $NASDAQ 100(NDX)$. Bitcoin's breakout versus NDX above a key level connecting the first quarter 2021 and last quarter 2021 highs "extremely encouraging.
Bitcoin's strong momentum and the influx of new buyers entering the market. There is a report this morning saying that current crypto rally is driven by retail investors on top of large investors' demand for BTC and ETH amid weakling U.S. regional banks, and rising appetite for meme coins buoyed by FOMO (fear of missing out) sentiment.
Summary
I personally have planned to take advantage of the next rally by looking at crypto stocks and the Spot Bitcoin ETF.
Here are the 2 which I have set my target price for entry.
$Marathon Digital Holdings Inc(MARA)$ , planned to enter at $18.40, as there should be a surge in pre-market today (15 Mar 2024).
We should still see $iShares Bitcoin Trust(IBIT)$ having increased trading volume, and it should go higher than $41. I have some positions before at around $26.
Appreciate if you could share your thoughts in the comment section whether you think crypto stock and spot bitcoin ETF should benefit from the next Bitcoin rally.
@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
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