Bitcoin’s near-vertical rise continues, with the cryptocurrency scaling the $59,000 mark early Wednesday. Ether (ETH) topped $3,300, and the CoinDesk 20 Index, a measure of the broader market, jumped 3.5% to $2,177. The bears, if any, have been placed on discover as bitcoin (BTC) is now simply 16% wanting difficult the file excessive of $69,000. The gap could possibly be lined simply earlier than April’s mining reward halving, assuming Wall Avenue continues pouring cash into the spot exchange-traded funds, sustaining the demand-supply imbalance. That mentioned, the market more and more appears to be like overheated, not solely by way of funding charges, but in addition as a result of, as Santiment knowledge present, the highest trending cryptocurrency on social media prior to now 24 hours is PEPE. The meme token’s market cap has skyrocketed by 153% this week, CoinDesk knowledge present. Such frenzied motion in smaller cash typically presages market-wide value pullbacks. Whereas previous efficiency isn’t any assure of future habits, some merchants have began buying bitcoin places to hedge potential draw back dangers.
