U.Today – As momentum gathers, Michael Saylor, executive chairman of MicroStrategy, has a basic but powerful message for X (formerly Twitter): “Ready to go.” His tweet quickly caught the attention of the crypto community, highlighting optimism and expectations regarding Bitcoin’s current price surge.
The Federal Reserve cut interest rates on Thursday, as expected, giving Bitcoin a boost and extending its three-day rally. Bitcoin has been on a steady uptrend this week, surpassing $76,000 and setting fresh all-time highs for two days in a row.
On Thursday, Bitcoin hit its current all-time high of $76,999. Optimism is rising in the market as Bitcoin once again tested the $76,000 mark during Friday’s trading session, hitting a high of $76,483 before retreating slightly.
Bitcoin is currently trading at $76,160, up about 2% over the last 24 hours and 7% over the last seven days, according to CoinMarketCap data. The cryptocurrency’s near 80% growth in 2024, partly fueled by Federal Reserve interest rate cuts, is outperforming customary investments such as global stocks and gold.
Bitcoin hits all-time highs
After months of consolidation and sideways market activity, Bitcoin hit fresh all-time highs this week. According to Glassnode, volatility in options markets remains, but capital flows into the chain are increasing, which means a steady stream of fresh demand.
Options markets are pricing in increased volatility as investors hedge their bets in both directions.
Over the past month, U.S. Bitcoin ETFs have shown unprecedented demand, with inflows matching the product’s initial success. Over the past 24 hours, U.S. exchange-traded funds investing in Bitcoin saw a record daily net inflow of $1.38 billion.
Bitcoin’s realized value is up 3.8% over the last 30 days, marking one of the highest levels of inflows since January 2023. Realized capitalization is currently trading at an ATH of $656 billion, with a 30-day net capital inflow of $2. $5 billion.
