On Tuesday, March 26, the cryptocurrency market experienced a significant rebound with a dramatic turnaround. The price of the leading cryptocurrency Bitcoin (BTC) surpassed $70,000, triggering an uptrend in the market. Other major altcoins such as Ethereum (ETH), Solana (SOL), XRP and Cardano (ADA) also made notable gains.

Prices of the most important cryptocurrencies are rising

Bitcoin led the rally, rising 4.29% to $70,482.40. This rise was accompanied by a 46.94% increase in trading volume to $42.28 billion in the last 24 hours. Ethereum also rose 4.09% to $3,634.07, reaching a market capitalization of $436.33 billion. Similarly, Solana (up 4.23% to $195.19), XRP (up 1.92% to $0.646) and Cardano (up 2.19% to $0.6708) also showed positive growth.

Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) also benefited from this positive momentum. The DOGE price rose 2.79% to $0.1789, while the SHIB price rose 2.53% to $0.00002912. Interestingly, another meme coin, Pepe Coin (PEPE), rose 6.53% to $0.000008217. Likewise, Bonk (BONK), a meme coin in the Solana ecosystem, rallied close to 10% to $0.00002597.

Is the Bitcoin price aiming for a new record?

Analysts believe that Bitcoin’s recent rise could be a sign of what’s to come. Research firm QCP Capital suggests that Bitcoin could be ready to break its records and reach the much-awaited $100,000 level. This analysis comes with strong bullish momentum. See also, Cryptocoin.com As we have reported, there will be critical developments at the London Stock Exchange in May. The exchange will launch Bitcoin and Ethereum Exchange-Traded Notes (ETNs). The price is supported by positive news on the matter.

Meanwhile, on-chain data from Santiment revealed a significant increase in Bitcoin accumulation by key stakeholders. This may have contributed to the price surge. This buying spree, which is believed to have been triggered by the upcoming April 19 Bitcoin halving event, is being described as one of the biggest accumulation days in recent times.

Furthermore, according to Bitcoin analyst PlanB, during each halving period, which covers around 210,000 blocks, a bull market emerges, leading to an increase in the price of Bitcoin. It is crucial to understand that these price spikes are not indicative of bubbles, but of fundamental shifts, structural turning points and phase transitions. This phenomenon is reflected in the realized price, which stabilizes before the next significant jump. Halvings are considered critical events in the Bitcoin world.

Bitcoin ETF inflows make a comeback

After a week of outflows, Bitcoin ETFs witnessed a welcome change on Monday, March 25, with net positive inflows. Notably, Fidelity’s FBTC ETF led the way with inflows of $261 million, outpacing BlackRock’s IBIT, which saw inflows of $35 million. Finally, according to QCP Capital, the asset management departments of major banks are experiencing a surge in client requests for Bitcoin spot ETFs. This increased interest, along with the upcoming 13F filings, points to a potential increase in Bitcoin adoption by institutional investors.