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Bitcoin surges to record high of US$72,700 amid fears of ‘extreme greed’

Discover the latest surge in Bitcoin's value to a record high of $72,700, the anticipation of the halving event.

The cryptocurrency market is witnessing a remarkable surge, with Bitcoin leading the charge by setting a new all-time high of US$72,700. The recent spike is primarily attributed to the approval of spot Bitcoin exchange-traded funds (ETFs) and the anticipation of the upcoming Bitcoin halving event, which is expected to curtail the amount of new Bitcoin entering circulation.

Bitcoin’s unstoppable rally

According to CoinMarketCap data, Bitcoin has climbed 9.5% in the last week alone, a staggering 50% increase over the past month. The total value of all cryptocurrencies combined has also grown by 10% in the past week, reaching a colossal US$2.71 trillion, of which Bitcoin constitutes 52.7%.

Despite this meteoric rise, predicting the peak of Bitcoin’s current bull run is challenging. Many investors are riding high on ‘hopium’, yet some indicators suggest we might be nearing the zenith. The CoinMarketCap Crypto Fear & Greed Index, a barometer of market sentiment, has entered the ‘extreme greed’ zone at 89.12 points, a significant jump from its ‘neutral’ position of 59.3 points in early February. This index, which ranges from 0 to 100, measures investor behaviour and market dynamics, indicating potential price corrections when the value nears 100.

Investor focus remains on Bitcoin

Despite fluctuating market sentiments, Bitcoin remains the focal point for retail and institutional investors. According to the Digital Asset Fund Flows Weekly Report by CoinShares, Bitcoin experienced inflows of US$2.6 billion in the past week, taking its year-to-date figure to a hefty US$9.9 billion. In contrast, Ether, the second-largest cryptocurrency, hasn’t seen the same level of enthusiasm, with a minor US$2.1 million outflow this week. However, it still boasts a US$135 million increase year-to-date.

The Bitcoin halving event, expected in mid-April, occurs every four years and historically triggers increased demand and pricing for the cryptocurrency. The last halving event on May 11, 2020, led to a 600% price surge from around US$9,000 to US$63,000 by April 2021. However, it was followed by a sharp 50% decline within three months, highlighting the asset’s inherent volatility.

As we approach the next halving, the question remains: how high will Bitcoin soar, and are we ready for the potential aftermath?

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