Such a beautiful…! Image by Harold Litwiler via flickr.com. License: Creative Commons
The market is in a jubilant mood! The prices are racing up across the coins. Bitcoin is pulling fast, the others are following suit. Bitcoin is already at an all-time high in Sweden and India, but there is still a bit to go in the Eurozone.
The reason why most Bitcoin and Ethereum holders are currently running up their noses with joy is probably because of the Bitcoin ETFs. Grayscale’s outflow has almost completely dried up while the other ETFs continue to accumulate.
What happens when the demand for Bitcoins is higher than the supply was observed yesterday:
Bitcoin breaks out at the end of the 30-day chart. Source: Bitcoin.de
The price reacts – it adjusts upwards through a spontaneous snap. Within hours the price shot from a good 47,000 euros to a good 52,000; That’s almost five percent in less than 20 hours – or almost 100 billion euros in market capitalization.
The market capitalization in the 30-day chart according to coinmarketcap.com
Ethereum is rising not quite as quickly, but rather steadily.
ETH rose from 2,100 euros to around 3,000 euros over the course of a month – that’s around 30 percent and corresponds to around 160 billion euros of market capitalization.
The market is, without a doubt, in bullish mood. The pessimistic bears shyly retreat and the bulls rally with their hooves.
Bitcoin has already reached a new all-time high in numerous countries: in Sweden and Norway, Russia, South Korea and Japan, Turkey anyway, South Africa and India, in Poland and the Czech Republic it is about to happen. Currencies that have yet to reach their all-time high are rare: the dollar, the euro, the forinth, the Mexican peseta…
As far as the euro is concerned, there is not much left for Bitcoin to break through this legendary mark. The price reached its all-time high on average in the second week of November 2022 between 56,500 and 57,000 euros – exactly when and where differs slightly from chart to chart – and when it peaked it briefly touched the 60,000 mark.
Another 10-20 percent and then Bitcoin will have reached its new all-time high in euros and dollars. So two more nights like that today – and we haven’t even had halvening yet. The Saxon Interior Ministry is currently rubbing its hands and wondering what to do with the additional half a billion since the beginning of February.
Source: https://bitcoinblog.de/2024/02/27/bitcoin-preis-ueber-50-000-euro-allzeithoch-in-schweden-ether-ueber-3-000-euro/
