Bitcoin surged past $59,000 early Wednesday morning, adding over 4% over the last 24 hours as upbeat market sentiment and massive inflows into spot Bitcoin exchange-traded funds (ETFs) propelled BTC’s price higher.
Bitcoin’s impressive resurgence has electrified the broader cryptocurrency market, including ether (ETH) and other digital assets, which has now reclaimed the $2 trillion milestone for the first time since April 2022.
Bitcoin Trades Just Shy Of $60,000 Mark, Showing Sustained Momentum
Bitcoin extended gains Wednesday, touching a more than two-year high above $59K. BTC, currently priced at $59,324.23, has jumped 4.8% since this time yesterday and 14.2% since 7 days ago. The broad crypto rally is steered by Bitcoin, which has enjoyed strong demand on the back of spot market exchange-traded funds (ETFs). At the moment, the ETFs, along with other BTC exchange-traded investment vehicles, have witnessed a total of $3.8 billion worth of volume and boast a market cap of about $44.81 billion, as per CoinGlass.
Ether, the industry’s second-largest cryptocurrency, rose by 2.9% to surpass the $3,300 level, bolstered by investor anticipation about a spot ETH ETF debuting later this year ahead of the Dencun upgrade. BTC and ETH combined now account for $1.5 trillion, or 66%, of all crypto assets globally.
Over the past 24 hours, the total crypto market cap has gained 3.2% to tap $2.31 trillion for the first time in nearly two years, according to CoinGecko data. For perspective, the combined crypto market is now at least $34 billion larger than Amazon and $43 billion bigger than Google parent Alphabet.
Bitcoin Bull Run Just Getting Started
Meanwhile, the fear and greed index, a key tool tracking the market sentiment in cryptocurrency markets, surged to as high as 82 on Wednesday, according to data on the website Alternative.me — suggesting extreme greed and reaching its highest such level in more than a year.
The general belief among crypto enthusiasts is that because the ETFs have been sucking up more Bitcoin than miners can produce each day, it will supercharge the effect of the BTC halving in April.
Bitcoin is just 14.4% off its November 2021 historic peak of $69,044. Investors are expecting it to set a new record in the next couple of weeks or days driven by the network’s upcoming halving, a quadrennial event that has historically set the stage for a meteoric price rally.
Legendary trader Peter Brandt recently upped his September 2025 price target for BTC from $120,000 to $200,000 after results from the premier crypto’s breakout saw gains of around 10%, pulling out of a 15-month channel.