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Bitcoin (BTC) is continuing its upward surge, adding another 2% to its rally and passing the $72,900 mark.
Mainstream acceptance of Bitcoin continues to grow, and the recently launched spot ETFs now hold a significant portion of the supply.
While Bitcoin’s rise grabs the headlines, a new eco-friendly project called Green Bitcoin (GBTC) is also generating traction, having raised over $3.8 million in its initial coin offering (ICO) so far.
Bitcoin Rallies Higher & Breaches $73k Level
Bitcoin is again dictating the crypto narrative, setting a new all-time high of $73,127 earlier today.
The flagship cryptocurrency has shown aggressive momentum over the past few weeks, shrugging off volatility to continue its upward trend.
Investors have been impressed with the coin’s growth – its price is up 65% year-to-date (YTD).
This rise has been boosted by over $62 billion in trading volume in the past 24 hours, with the coin’s market cap now standing at over $1.4 billion.
Beneath the surface, Bitcoin’s uptrend has been accompanied by a high volume of liquidations.
Over $49 million in short positions were liquidated yesterday as the rally cranked up the pressure on bears.
Technical indicators are also firmly in Bitcoin’s favor, with Monday’s breakout clearing the $70,000 level for the first time.
Some analysts are now suggesting that $80,000 could be the next upside target for Bitcoin.
Institutional FOMO Reaches New Heights for Bitcoin
Bitcoin’s rally hasn’t gone unnoticed by institutional investors.
Crypto investment products have seen a wave of inflows lately, with a record $2.7 billion flooding in just last week alone.
This exceeds the previous weekly record of $2.45 billion set just four weeks prior.
YTD inflows now total an impressive $10.3 billion, which is within striking distance of 2021’s yearly record of $10.6 billion.
Bitcoin has dominated these flows, accounting for 99% of last week’s investments as investors doubled down on the world’s largest crypto.
The numbers get even more staggering when looking at accumulation from spot BTC ETFs.
Since their launch, the funds have already purchased over 4% of Bitcoin’s circulating supply, representing $56 billion worth of the coin.
At this pace, ETFs are projected to hold nearly 9% of the Bitcoin supply within a year.
According to one digital asset manager’s report, institutional heavyweights are taking notice of this trend, with trillions in capital lining up to gain exposure before June.
This wave of institutional buying shows no signs of letting up and is a major force driving Bitcoin to new ATHs.
Emerging Project Green Bitcoin Hits $3.8m in ICO as Investor Interest Grows
Alongside Bitcoin, a new Ethereum-based project called Green Bitcoin is also gaining momentum.
Green Bitcoin’s developers aim to provide a sustainable alternative to energy-intensive cryptocurrencies by using Ethereum’s Proof-of-Stake (PoS) model.
By doing this, Green Bitcoin can offer lower energy consumption per transaction than major cryptos like Bitcoin.
However, Green Bitcoin’s “Gamified Green Staking” rewards program is its key differentiator.
GBTC holders can earn competitive yields by staking their tokens – with over 4.5 million GBTC pledged already.
Stakers can boost their earnings further by competing in weekly Bitcoin price prediction contests, adding an engaging element while incentivizing participation.
Retail investors have taken notice of this unique feature, with Green Bitcoin’s ICO raising over $3.8 million so far.
The ICO is being conducted in multiple tranches, with the token price rising over time.
At the time of writing, GBTC tokens can be purchased for $0.878.
Over 9,900 people now follow Green Bitcoin on Twitter, evidence of the project’s growing online community.
While still in its infancy, Green Bitcoin has begun to capture investor attention – which could serve it well ahead of the exchange listings planned for later this year.
