- Bitcoin surged above $57,500 on Tuesday morning to hit $57,200.
- ETF inflow volume marks a new high of $2.4 billion in the market.
- ETF, halving, and FOMO are behind the Bitcoin bull run.
Bitcoin experienced a remarkable surge on Tuesday morning, reaching a new high above $57,000 and ultimately hitting $57,200 at time of writing this article. The overall cryptocurrency market also witnessed a surge in price to hit $2.22 trillion after Bitcoin alone surged by 10% in the last 24 hours. This surge marked a significant approach to surpassing the $53,000 resistance zone during the American trading session. The Bitcoin price surged in seconds to record the highest mark since November 2021, reaching $57,200. The recent Bitcoin trade has been bullish, showing a steady price increase in the last two weeks.
The bullish trend in Bitcoin’s recent trades has been evident in the previous two weeks, showing a steady price increase. Before the surge, the market was relatively quiet, with prices moving sideways. However, a shift occurred during the U.S. trading session as Bitcoin surpassed the $53,000 resistance zone and cleared out the $54,000 region, and during the Asian session, the price surged above $57,000 to set a new high record at $57,2000 early Tuesday.
The surge in the price of Bitcoin can be attributed to various factors. Since the Security and Exchange Commission (SEC) approved Spot Bitcoin ETF on Jan 11, analysts have noted a surge in the inflow volume of Spot Bitcoin ETF, recording a high of $2.4 billion and installing confidence in investors. Notably, speculation about the upcoming halving event is projecting the asset price. Halving creates scarcity in the market, making Bitcoin more challenging to obtain and consequently boosting its price. Additionally, fear of missing out (FOMO) has led investors to enter the market, further raising the asset’s price.
The extended momentum stretched beyond Bitcoin, Ethereum, and Dogecoin also saw a significant increase in the crypto market. Ethereum witnessed a surge in price to reach the $3,273 mark, its highest level since 2022. On the flip of the coin, Dogecoin rose above an obstacle by 5.36% in the last 24 hours to hit $0.089. The asset has increased 57% more than its rival, Shiba Inu; will it make $1? As for Bitcoin, at the time of writing, the asset was trading at $56,210 with +8.36% trading volume in the last 24 hours.