Bitcoin (BTC) continued to rise on Thursday, surpassing $60,000 for the first time since November 2021. After a week-long break in this year’s run, BTC has risen by about 20% only this week. It has increased by about 40% for 2024
According to Coin Metrics, the flagship cryptocurrency’s price increased by 11% to $63,325.33 last time. It had previously increased to $61,827.24. It is currently just below $68,982.20, its all-time high.
Cofounder of cryptocurrency exchange Nexo Antoni Trenchev warned that while resistance is likely as bitcoin approaches $69,000, a break over $60,000 might pique the interest of investors, especially small-scale investors who have been holding out for this year’s gain. JPMorgan claims that following a pause in January, their interest in cryptocurrencies has increased this month.
Thanks to the introduction of ETFs, which increased the asset class’s accessibility for institutional investors, and the network’s impending halving event, which has traditionally signaled a significant rise in the months that follow, investors anticipate it will establish a new record this year.
“The demand for Bitcoin is growing faster than the supply,” stated Zach Pandl, Grayscale Investments’ head of research. “In February, the newly established Bitcoin exchange-traded funds (ETFs) in the United States attracted an average of $195 million daily, while the BTC network generates approximately 900 coins daily, which equates to approximately $54 million in BTC at a $60,000 price point.”
“With the impending April halving of BTC, supply will decrease by half. Because there isn’t enough BTC to meet the increased demand, prices are rising due to supply and demand dynamics.
The Bitcoin programming requires an event called the halving, which lowers the mining incentive by half to control the supply. It is anticipated that the subsequent halving will occur in April.
Equities linked to BTC saw a boost from the move. The shares of cryptocurrency exchange Coinbase increased by almost 4%, while BTC proxy MicroStrategy experienced a surge.
Stocks linked to BTC rose as a result of the move. Shares of cryptocurrency exchange Coinbase increased by more than 4%, while MicroStrategy, a bitcoin proxy, surged 27% in two days.
How to buy bitcoin on eToro
There are several exchanges that will allow you to trade your dollars for BTC. eToro is one such platform.
eToro is a reliable site for purchasing a flagship cryptocurrency. It has a simple design, a variety of payment choices, and social trading features that enable users to learn from and engage with other traders. However, like with any investment in cryptocurrency, it is critical to be aware of risks and conduct extensive research prior to making any decisions.
Let us go step by steps how to buy Bitcoin on eToro:
Step 1 – Creating an Account on eToro
- Go to the website for eToro
- Create an Account
- Input Your Personal Information
- Read and accept the Terms and Conditions
- Confirm Your Email Address
- Complete your profile.
- Confirm Your Account
Step 2: Depositing Money to Your eToro Account
eToro Accepts a Range of Payment Methods: Bank Transfer, Credit/Debit Card, and E-Wallets.
You may fund your eToro account using a Visa, Mastercard, Diners Club, or Maestro card. Additionally, deposits made through bank transfers are accepted; they can be made online or at a local bank office. eToro is compatible with well-known e-wallet providers like as Skrill, Neteller, and PayPal.
Step 3: Searching for Bitcoin
Use your login credentials to access your eToro account and navigate the eToro platform. Locate the search bar and enter “Bitcoin” or “BTC.”
Step 4: Placing a Buy Order
- Select the Order: Just click the appropriate tab and choose the “Invest” option once you’re on the Bitcoin page. You have an option between “Trade” and “Order.”
- Choosing the “Trade” option allows you to buy Bitcoin at the current price in the market. However, if you choose the “Order” option, you may set up a predetermined buy order that will be automatically fulfilled as soon as the value of Bitcoin hits the threshold you have chosen.
- Enter your investment amount: In the order placing box, you’ll see a field where you may select how much Bitcoin you wish to buy.
- Review the transaction details: Before submitting your order, carefully review the transaction information presented in the order placing box. eToro offers transparency by displaying the real-time rate and any related fees upfront.
- Understand order choices: A market order executes instantly at the current price; on the other hand, a limit order allows you to specify the exact price at which you wish to purchase Bitcoin.
- Double-check the order information: Make sure the investment amount, order selections, and transaction information are accurate before moving further.
- Confirm the order: Click “Buy” to complete your transaction when you are satisfied with the order details. The order will be executed by eToro according to the parameters you have provided.
Step 5: Track Your Bitcoin Investment
- Access the portfolio section: Here, you can keep an eye on how your Bitcoin investment is doing and look over important details about what you own.
- Track performance: You may monitor your Bitcoin investment’s current value, any profits or losses, and the % change in value in the portfolio section.
- Set price alerts: You may create price alerts with eToro. You have the option to designate a target price at which you want alerts. When the market hits the price you set, eToro will notify you either email or push notification.
eToro’s Fee Structure:
- Trading Fee – 1%
- Deposit Fee – $0
- Withdrawal fee – $0
