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: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 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).
The value of the metric appears to have been notably positive in recent days | Source: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. 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.