Bitcoin was perched at a two-year peak on Tuesday, March 5, 2024, breaking above $68,600 and stalking the all-time high as money keeps rushing into the largest cryptocurrency by market value.

Bitcoin has gained 50 per cent this year and most of the rise has come in the last few weeks when inflows into United States-listed bitcoin funds have surged.

On Tuesday, it was at $68,500 in Asian hours, having reached a session high of $68,828, a whisker away from the all-time peak of $68,999.99 it set in November 2021.

Spot bitcoin exchange-traded funds were approved in the United States earlier this year. Their launch opened the way for new large investors and has re-ignited enthusiasm and momentum reminiscent of the run-up to record levels in 2021.

Bitcoin hits biggest monthly rise in over 3 years

“It’s crypto mania 4.0, and I think if we continue to see fairly low bond and rate volatility, it could keep going. There’s definitely something of an irrational behaviour creeping into the market,” Reuters quoted senior markets analyst, Kyle Rodda, as saying.

Net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion in the week to March 1, with more than half of that going into BlackRock’s iShares Bitcoin Trust, according to LSEG data.

A market analyst at IG, Tony Sycamore, said: “The appetite to gain exposure to Bitcoin is reaching insatiable levels.

“While Bitcoin overbought in the short term, the move is far from done, and dips will be well supported with a move towards $80,000 not out of the question.”

A regulatory filing on Monday showed that the U.S. Securities and Exchange Commission has further delayed its decision on an application by asset manager BlackRock for its spot ethereum exchange-traded fund.

Elsewhere, the number of dollar-pegged stablecoins issued by Tether has crossed $100 billion, the crypto company said on its website on Monday. Tether issues a stablecoin which is designed to maintain a constant value of $1.

The Star