Bitcoin (BTC) has reached its highest value in the last 30 days, surpassing the $67,422 mark after a week of notable gains. This significant increase signals a strong recovery for the leading cryptocurrency, which is also on track to close the week with a 10% rise in its value.
The resurgence of Bitcoin can be attributed, in part, to the renewed interest in BTC spot index funds in the United States. These exchange-traded funds (ETFs) have played a pivotal role in boosting the cryptocurrency market, demonstrating the growing confidence of institutional investors in digital currencies.
There is growing speculation that Bitcoin could reach $70,000, supported by a recent analysis from Santiment, a respected on-chain analysis company. Santiment’s report highlights a notable increase in positive sentiment towards Bitcoin, as indicated by the weighted sentiment metric. This metric combines sentiment scores, which assess the overall outlook of the community towards the asset, with social volume, which measures the level of discussions about Bitcoin on social media platforms.
The shift in sentiment towards Bitcoin is particularly significant when there is a high volume of discussions and a clear consensus, either positive or negative. Santiment’s report explains that this indicator is based on two sub-metrics: sentiment score and social volume. The sentiment score metric evaluates whether the crowd’s sentiment is positive or negative towards the asset, while social volume tracks the total amount of discussion surrounding the asset on social media.
At the time of writing, Bitcoin is quoted at $66,920.45, representing a 0.5% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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