This article was adapted and translated from 比特币突然爆发
By 秦晉 from 碳链价值 2024-02-29 10:41
Bitcoin continues to surge since February 29th. Bitcoin surpassed $64,000 for the first time since November 2021. It has risen by more than 10% in 24 hours and by more than 50% in a single month.Bitcoin Market Capitalization Surpasses 1.2 Trillion, Equaling Meta. Bitcoin's market capitalization has increased by $800 billion since its low point in 2022, a gain of more than 275%. Total crypto market capitalization tops $2.3 trillion.
According to CoinGlass data, in the last 24 hours, there were $448 million in open positions across the board. Long positions were $117 million. The short position is 330 million dollars. The long and short positions are all over the place.
As a result, Bitcoin-related stock prices, ETF turnover, and value appreciation for Bitcoin holders have also soared.
First, since the beginning of the year, Marathon Digital, a publicly traded bitcoin mining company, and MicroStrategy, a publicly traded bitcoin holder, have risen 35% and 40%, respectively. Shares of MicroStrategy rose 16 percent on Monday and another 10 percent on Tuesday to close at $871.80.
According to Bloomberg analyst Eric Balchunas, MicroStrategy's stock, MSTR, traded at a record high on Feb. 29, with its latest share price of $927, a one-day gain of 6.22%. The company had announced on Monday morning that it had purchased another 3,000 Bitcoin, bringing its total investment to 193,000 Bitcoin, valued at more than $11.8 billion as of Wednesday.
Founded in 1989, MicroStrategy is primarily in the business of enterprise software and cloud-based services, but its shareholder value is tied almost exclusively to Bitcoin ownership, which effectively makes it the world's largest compliant Bitcoin distributor, logically similar to the BlackRock-issued Bitcoin ETF, IBIT. In mid-2020, MicroStrategy announced a plan to invest in Bitcoin, revealing on an earnings call that it would spend $250 million over the next 12 months on "one or more alternative assets," which could include digital currencies such as Bitcoin. At the time, the company had a market capitalization of about $1.1 billion, which has now risen to nearly $15 billion.
The second is that the value of Bitcoin holdings in El Salvador, a country that treats Bitcoin as fiat currency, has exceeded $147 million, a profit of over 40%. If it were to liquidate its bitcoin holdings today, it would make a profit of nearly $41.6 million. Lastly, 11 Bitcoin ETFs issued by issuers including BlackRock are also hitting record highs, with one-day volume reaching $7.5 billion, double the previous high.
As the price of Bitcoin continues to reach new highs, the price of Bitcoin against the Japanese Yen, South Korean Won, Australian Dollar, Chinese Renminbi, and Turkish Lira have all reached record highs in the past few days.
According to CNBC, with the price of Bitcoin hitting record highs, the market is more than excited to see the price retest that level. After a one-week pause in the rally, Bitcoin has surged nearly 20% in the current week. Bitcoin is now up more than 40% in 2024.
Antoni Trenchev, co-founder of cryptocurrency exchange Nexo, said he expects some resistance as Bitcoin approaches $69,000, but a break above $60,000 should whet the appetite of investors - especially retail investors - who have remained on the sidelines of this year's rally. JPMorgan said their interest in cryptocurrencies rebounded this month after a pause in January.
ETFs have given institutional investors easier access to Bitcoin as an asset class, and with the upcoming halving of Bitcoin, investors are expecting Bitcoin to hit a new record this year.
Demand for Bitcoin is on a collision course with increasingly tight supply, says Zach Pandl, head of research at Grayscale Investments. In February, U.S. spot Bitcoin ETFs drew an average of $195 million a day, while the Bitcoin network currently produces about 900 Bitcoins a day - about $54 million worth of Bitcoin, assuming a $60,000 price. With the Bitcoin halving approaching in April, issuance output will be cut in half. There simply won't be enough Bitcoin to meet all the new demand, so the natural dynamics of supply and demand will drive the price up.
The first three halving times for Bitcoin have been closely associated with Bitcoin bull market cycles. 2012, 2016 and 2020, respectively. The most recent halving was in May 2020, when Bitcoin surged from $8,572 to an all-time high of $67,566 in 2021, research firm Benchmark said in a report Tuesday.
If you consider Bitcoin as digital gold, there is still a difference of about 10 times between its market capitalization and that of physical gold. The current market capitalization of physical gold is $13.7 trillion, while Bitcoin's market capitalization is less than 9% of gold's market capitalization.
In April 2024, the Bitcoin network will undergo its own fourth halving. The Bitcoin network currently mines 900 new Bitcoins per day. After the halving, it is expected that the daily production will be reduced to 450. If in 2024, other big money and other governments announce that they will buy Bitcoin, then Bitcoin will experience the biggest demand and supply shock in its history. The price of Bitcoin could reach further all-time highs.