BTC Market Sees Record Influx of New Investors

According to data shared by CryptoQuant user MAC_D, there's a remarkable influx of new investors into Bitcoin (BTC), all confident in the continuous growth of the flagship digital currency. They firmly believe in the ongoing bullish rally, with the percentage of traders entering the market within the timeframe of 1 day to 1 week spiking to a colossal 10.62% just last week.

Analysts suggest that the current scenario mirrors patterns seen in October 2020 at the beginning of the last bullish rally or in October-November 2021, during the peak of Bitcoin's value. The observation that "last week saw a peak in Bitcoin prices in 30 countries' national currencies" indicates a growing interest among new investors in cryptocurrency, likely to enter the market soon.

An expert notes the increasing proportion of short-term investors, indicating an imminent phase of significant price movements. While acknowledging the possibility of a 20-30% price correction at any moment, the expert advises against panic, predicting Bitcoin's price to almost reach $120,000 by the end of this year.

As of March 4, 2024, the price of Bitcoin has surged to $65,150, with its market capitalization reaching $1.27 trillion. Daily trading volumes on the spot market amounted to $43.68 billion, while Bitcoin's dominance over altcoins increased to 52.7%.