Bitcoin Sets New All-Time High Above $69,000 As Institutionals Show FOMO
06 Mars 2024 - 2:30AM
NEWSBTC
Bitcoin has set a new all-time high (ATH) above the $69,000 level
as institutional investors have aggressively bought on Coinbase.
Bitcoin Has Set A New ATH Above $69,000 The moment that every
Bitcoin investor had been looking forward to has finally arrived
today. The cryptocurrency just smashed past the record set in
November 2021 to create a brand new ATH beyond the $69,000 level.
BTC sets a new ATH | Source: BTCUSD on TradingView This historical
moment has come for the asset as institutional investors have been
showing some strong buying pressure recently. Bitcoin Coinbase
Premium Index Spikes To Highest Levels For 2024 As an analyst in a
CryptoQuant Quicktake post explained, US institutional investors
appear to be scrambling to buy Bitcoin as they are starting to feel
FOMO with the sharp bullish momentum the cryptocurrency has
enjoyed. The metric of interest here is the “Coinbase Premium
Index,” which keeps track of the percentage difference between the
Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD
pair) and Binance (USDT pair). Related Reading: Bitcoin Extreme
Greed At Levels Higher Than Nov. 2021 Peak, Top Signal? The former
exchange is the preferred platform for institutional traders based
in the US, while the latter serves more global traffic. As such,
the Coinbase Premium Index can provide hints about the differences
in the buying and selling behaviors of the two groups. When the
indicator has a positive value, the price listed on Coinbase is
higher than on Binance. Such a trend implies that the buying
pressure is higher (or selling pressure is lower) from the US-based
investors compared to Binance users. On the other hand, the
negative metric suggests that American institutional traders may be
applying relatively high selling pressure on the market. Now, here
is a chart that shows the trend in the Bitcoin Coinbase Premium
Index over the past few months: The value of the metric appears to
have been notably positive in recent days | Source: CryptoQuant As
displayed in the graph, the Bitcoin Coinbase Premium Index has
registered a large positive spike recently, implying the difference
between the prices on Coinbase and Binance has widened. The
indicator had been floating inside the green territory for a while
before this spike, and in this period of high buying pressure on
Coinbase, the coin observed a sharp rally. This recent buying
pressure would probably include sources like the spot
exchange-traded funds (ETFs) approved this year. From the chart,
it’s visible that the buying pressure has been even higher in the
last couple of weeks, culminating in the latest spike. Interest
around the asset among these institutional entities had only been
growing recently, but the latest spike suggests FOMO has gone up a
level for these investors. Related Reading: Shiba Inu & Other
Memecoins See 3,000% Spike In Volume: Good Sign For Rally? Given
that institutional buying has been one of the main forces behind
the latest rally in the cryptocurrency, it’s no wonder that its
price has hit a fresh high off the back of the latest spike.
Featured image from Jievani Weerasinghe on Unsplash.com,
CryptoQuant.com, chart from TradingView.com
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024