Bitcoin ATH & Are AI Coins About to Surge?
BTC to all time highs in Australia Ahh what a time to be alive! It feels like yesterday that Bitcoin was consolidating around the US$30k mark (to be fair, it wasn’t that long ago!). And further to that, we experienced a fairly average last month or so after the ETF approval, which we did predict […] The post Bitcoin ATH & Are AI Coins About to Surge? appeared first on Crypto News Australia.
BTC to all time highs in Australia
Ahh what a time to be alive! It feels like yesterday that Bitcoin was consolidating around the US$30k mark (to be fair, it wasn’t that long ago!). And further to that, we experienced a fairly average last month or so after the ETF approval, which we did predict would happen.
However, us Australians were pleased to hear yesterday that Bitcoin’s price hit an all time high against the Australian dollar.
Related: Bitcoin Sets New Australian Dollar Record, Just Shy of 100K Amid ETF Frenzy
For those of you asking how it is at an all time high against the AUD but not USD, that’s to do with the value of the AUD decreasing (another reason why we’re big on Bitcoin).
Currently, Bitcoin is worth around AUD $95,362 according to Crypto News Australia, just over US $60,000.
The increase in prices can be simply attributed to supply and demand. The launch of spot ETFs has attracted a new segment of institutional investors to the marketplace, with major financial entities such as BlackRock and Fidelity acquiring large amounts of BTC. As a result, the availability of Bitcoin on exchanges is decreasing. Coupled with the upcoming halving (which is expected to take place in around 50 days), there’s a growing demand that’s significantly pushing up Bitcoin’s price. Given that the volume of ETF transactions continues to remain strong, it’s widely anticipated that the bullish trend in the market is likely to persist for some time.
However, never be afraid to take profits along the way and bank the gains!
Are AI Coins About to Surge?
Last week, NVIDIA recorded the largest single day gain in history at $277 billion!
With a market value of $1.94 Trillion, NVIDIA is now more valuable than the entire crypto market 
Now the crypto-AI sector is only worth $18 billion or 0.086% of the total crypto market.
It goes to show how small the market is, especially in the AI sector.
We are witnessing the stories of:
- Sam Altman is looking to raise $7 Trillion to power AI
- GPT-5 set to release in 2024
- NVIDIAs revenue is up 265% year on year
- More and more traditional companies are integrating AI
- The AI hype brewing is setting the scene for a 2021 metaverse-like bubble to take place.
According to the current data, the retail market has been mostly drawn into the “bluechip” coins of each sector rather than venturing into the crypto casino of new opportunities.
It means that to make respectable returns, you might not need to look much further than the top performers such as TAO or RNDR.
If this trend continues, especially as more and more retail enters, it gives a lot of upside potential to even the most established and valuable AI coins.
Related: PYTH Network’s Price Reacts Following Hedera Collaboration
$4.9 Billion for BTC ETFs
Bitcoin ETFs have seen a significant influx of investment, amassing $4.9 billion in just 13 days according to BitMEX data. This breaks down to about $377 million and roughly 6,388 Bitcoins per day, surpassing the daily creation rate of new bitcoins by sevenfold. This trend underscores the growing investor interest in Bitcoin ETFs and their impact on the market.
The upcoming Bitcoin halving event, expected to occur in April 2024, will further reduce the daily supply of new bitcoins from 6.25 to approximately 3.125. This reduction could amplify the effects of sustained ETF demand on Bitcoin’s supply and demand dynamics. Historically, halving events have been associated with increases in Bitcoin’s price, as they effectively reduce the rate at which new bitcoins enter circulation, creating a scarcity effect, which we love. For instance, after the 2016 halving, Bitcoin’s price surged from about $650 to around $20,000 by the end of 2017. Ahh if only I had a time machine…
This time, the halving coincides with heightened institutional interest and the recent approval of spot Bitcoin ETFs, introducing a new layer of potential impact on Bitcoin’s market dynamics. The combination of reduced new supply due to halving and continued or increased demand due to ETFs could exert upward pressure on Bitcoin’s price, reflecting basic supply and demand principles. However, it’s crucial to note that while historical trends provide insights for us, they do not guarantee future outcomes.
Here’s the data BitMEX posted…
The post Bitcoin ATH & Are AI Coins About to Surge? appeared first on Crypto News Australia.
