Bitcoin (BTC/USD) surged to $61,400, marking an impressive 8% increase on Thursday. This uptick coincides with Marathon Digital’s introduction of the Anduro Layer-2 network, aimed at amplifying Bitcoin’s scalability and fostering innovation within the digital currency sphere.
As Bitcoin anticipates climbing to its highest monthly level since 2020, potentially surpassing the $69,000 mark, investors are closely monitoring the Bitcoin price prediction.
This enthusiasm is fueled by record-breaking trading volumes in Bitcoin ETFs and the looming Federal Reserve rate cut, setting the stage for a monumental period in Bitcoin’s trajectory.
Marathon Digital Launches Anduro Layer-2 Network to Boost Bitcoin Scalability and Innovation
Marathon Digital has unveiled Anduro, a cutting-edge layer-2 network aimed at enhancing Bitcoin’s scalability.
This initiative is set to revolutionize Bitcoin by introducing merge-mining capabilities and enabling the creation of sidechains, thus fostering innovation and expediting the cryptocurrency’s growth and adoption.
Cosmic Force feed: Crypto miner Marathon Digital unveils Bitcoin layer 2 network Anduro https://t.co/mhRkjedx81 https://t.co/QDsS9aHx9D pic.twitter.com/4t3i7cQ4C2
— Cosmic Force 🎮 Crypto Gold Rush ⛏ (@WavemStudios) February 29, 2024
Anduro is initially governed by a consortium, with plans to transition to trustless operations in the future.
- Anduro’s Key Features: Enables merge-mining and sidechain development to scale Bitcoin.
- Initial Sidechains: Alys for Ethereum interoperability and Coordinate for cost-effective UTXO stacking.
- Marathon’s Vision: CEO Fred Thiel expresses the company’s commitment to Bitcoin’s ecosystem development, seeking partnerships for expansion.
This development highlights the increasing focus on layer-2 solutions to augment Bitcoin’s utility and sustainability.
With Marathon Digital’s recent introduction of Slipstream service, Anduro’s launch is poised to apply upward pressure on Bitcoin prices, signaling enhanced scalability and functionality opportunities to investors.
Record $7.7 Billion Bitcoin ETF Trading Volumes Signal Strong Institutional Interest
Bitcoin ETF trading volumes have shattered all previous records, reaching an astonishing $7.7 billion across ten new U.S. Bitcoin ETFs. This figure more than doubles the prior high, showcasing a significant surge in interest.
JEEZ: Only halfway through trading day and New Nine bitcoin ETFs have already broken their all time daily volume record w/ $2.6b. We got 4 btc ETFs in Top 20. $IBIT is #4 overall, it’s gonna trade more today than in its first two wks combined. This is officially a craze. pic.twitter.com/Wqez1rKrCg
— Eric Balchunas (@EricBalchunas) February 28, 2024
Leading the charge was BlackRock’s iShares Bitcoin ETF with $3.35 billion, while Grayscale Bitcoin Trust followed with $1.86 billion, and Fidelity’s Wise Origin Bitcoin Fund contributed $1.44 billion. Notably, GBTC and FBTC combined accounted for 43% of this total volume.
💫💫Spot Bitcoin ETF volumes shatter record with massive $7.7B traded💫💫
Trading volumes for the ten new U.S. Bitcoin ETFs have set a new record, more than doubling their previous high from days ago.
💠US Bitcoin spot market saw a significant drop to $61,362, while…
— Harley Lawrence (@HarleyLawr58926) February 29, 2024
Analysis indicates that this dramatic increase was driven by genuine demand rather than algorithmic trading. Amidst this trading frenzy, Bitcoin’s price peaked over $64,000 before settling around $62,000.
Despite the booming ETF activity, GBTC experienced net withdrawals of $216.4 million, hinting at some investors’ strategy to diversify their Bitcoin exposure.
Key Highlights:
- Record $7.7 billion trading volume in U.S. Bitcoin ETFs.
- Significant contributions from iShares, Grayscale, and Fidelity Bitcoin ETFs.
- Surge attributed to spontaneous demand.
Bitcoin is expected to soar to its highest monthly level since 2020.
Bitcoin is poised for its most significant monthly increase since 2020, potentially reaching beyond the $69,000 threshold. Recently, it climbed to $61,100, marking its highest monthly gain in over three years.
Ethereum also witnessed a remarkable surge, ascending to $3,416, which represents a 50% increase for February alone.
This bullish trend in cryptocurrencies has been propelled by a substantial influx of capital into Bitcoin-focused funds, further accelerated by the U.S. government’s endorsement and the launch of spot Bitcoin ETFs.
Soaring bitcoin set for biggest monthly jump since 2020 https://t.co/I8jVUXiahx pic.twitter.com/fagQU8csZU
— CNA (@ChannelNewsAsia) February 29, 2024
The anticipation of a rate cut by the Federal Reserve, coupled with the upcoming Bitcoin halving event in April, has intensified investor interest, positioning Bitcoin as an attractive high-yield asset. The inherent scarcity of Bitcoin and reduced volatility in traditional markets have further enhanced its appeal.
Despite looming concerns over a potential market bubble, Bitcoin’s upward trajectory continues unabated, fueled by a surge in ETF investments and increasing participation from investors, suggesting a robust outlook for the cryptocurrency market.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $62,099, registering a 0.83% increase in the last 24 hours. The pivotal point for today’s trading is marked at $61,417.
Looking ahead, Bitcoin faces immediate resistance at $63,927, with further hurdles at $66,879 and $69,093. On the flip side, support levels are positioned at $58,982, followed by $56,103 and $53,372, which could provide bounce-back potential.
The Relative Strength Index (RSI) stands at 79, indicating an overbought condition that could suggest a pause or pullback in the near term.
However, the presence of a ‘three white soldiers’ candlestick pattern underscores a strong uptrend.
The 50-day Exponential Moving Average (EMA) at $54,482 supports a bullish stance above $61,000, highlighting the potential for further upside momentum.
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Read More: Bitcoin Price Prediction: Marathon’s Anduro Launch & ETF Boom; BTC to Target $69,000?
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