The worldwide cryptocurrency market capitalization increased by more than 8% to $2.33 trillion. The overall cryptocurrency market volume in the last 24 hours was $198.71 billion, up 110 percent.

The cryptocurrency market boom has resumed. Bitcoin rallied again on Thursday, hovering over $64,000 for the first time in approximately 27 months. The largest crypto coin in terms of market capitalization is up roughly 11%, with a total valuation of $1.24 trillion.

The increase in Bitcoin is primarily due to the much-anticipated Bitcoin halving; the introduction of Bitcoin exchange-traded funds (ETFs), which is increasing institutional flows; and Amazon’s Jeff Bezos’ reported interest in the digital asset class.

Bitcoin has surged in the last 24 hours, approaching $64,000. This rise is linked to the ten Bitcoin ETFs in the United States, which set a new daily record with a trading volume of more than $7 billion. BlackRock’s Bitcoin ETF, in instance, traded $3.3 billion on Wednesday, twice its previous volume record, indicating rising demand.

Bitcoin has increased by more than 50% in the first two months of 2024, and by almost 45% in February alone. Even in the last week, the largest cryptocurrency token’s valuation has increased by around 25%. Bitcoin was trading around $63,500 as of 12.15 p.m. on Thursday.

In the last 24 hours, Bitcoin spot ETFs saw extraordinary volumes, with a total of $7.5 billion traded, twice the previous record as BTC reached an all-time high in Indian markets. Bitcoin is now up by more than 44% in February, the largest monthly increase since December 2020.

According to Coinmarketcap, the worldwide cryptocurrency market capitalization increased by more than 8% to $2.33 trillion. The entire cryptocurrency market volume during the last 24 hours was $198.71 billion, representing a 109.95 percent increase. Bitcoin’s dominance increased by more than one percent to 53.27 percent.

All Indian investors who previously invested in Bitcoin are now in a profitable position, as market mood shifts towards ‘extreme greed’. It is worth noting that Bitcoin has never achieved all-time highs during the halving event. The all-time high of $69,000 would serve as significant resistance, it said.

Bitcoin has been set on fire by allegations about Jeff Bezos’ involvement in the digital asset class, who is claimed to have invested billions of dollars in Bitcoin. However, neither Bezos nor Amazon have confirmed this.

Bitcoin has soared and is on track to break its all-time high set in November 2021. This rise is being driven by historical tendencies before halving events, strong inflows into Bitcoin spot ETFs, and support from significant institutions.

Jeff Bezos’ rumored $8 billion Bitcoin investment has poured gasoline to the fire, he claims. “While the crypto community views these stories skeptically, the mere mention of Bezos entering the crypto arena has ignited excitement. Despite the lack of tangible evidence and no official word from Bezos or Amazon confirming the same, speculation continues.”

Optimism in the crypto space is also fueled by the possibility of the US Federal Reserve cutting interest rates this year amid easing inflationary pressures, which increases the appeal of Bitcoin futures, according to market experts, who believe that the current rally is primarily driven by institutional investors, with little retail participation.

This indicates that Bitcoin is on track to surpass historical highs as we reach March. The countdown to the next halving event in mid-April further heightens interest, paving the way for Bitcoin to enter uncharted territory.

Despite indications of a likely rise of the dollar index, technical indicators for BTC/USD point to an optimistic outlook. “The general improvement in liquidity has also provided a green signal to investors to interact with the crypto market in a robust manner.