Bitcoin (BTC) soared past the $59,000 mark during the morning hours in Europe on Wednesday, marking a 5% increase over the last 24 hours and pushing its market capitalization to $1.2 trillion.
The surge in price coincided with spot bitcoin exchange-traded funds (ETFs) recording over $3 billion in total trading volumes on Tuesday, fueling demand. Additionally, some traders attributed the rise to anticipation surrounding the upcoming bitcoin halving event expected in April, creating a new narrative for a pre-halving rally.
Concurrently, the broader CoinDesk 20 index (CD20) saw a nearly 3% surge.
Data from Coinglass revealed that futures bets on lower bitcoin prices resulted in $25 million in liquidations since the early hours of Asia, which potentially contributed to the price increase.
Elsewhere, major tokens such as ether (ETH), Solana’s SOL, and XRP experienced gains of up to 3% since the early hours of Asia, as indicated by CoinGecko data.
Meanwhile, the fear and greed index, a sentiment gauge tracking the rate of asset movement against underlying fundamentals, reached 82 on Wednesday, signaling extreme greed and marking its highest level in over a year.
Rated on a scale of 0-100, with 0 indicating the highest fear and 100 the highest greed, an environment characterized by greed is seen as a sign of euphoria, suggesting that "the market is due for a correction," according to the developers of the index.
#BTC #TrendingTopic #Bitcoin #BullRun🐂 #altseaon