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Bitcoin It continued to rise on Wednesday, surpassing $60,000 for the first time since November 2021.
The price of the flagship cryptocurrency was last up 6% at $60,688.00, according to Coin Metrics. It had previously risen to $60,734.42. It is currently just below its all-time high of $68,982.20.
Bitcoin, 5 years
Now that the record is clear, the market is even more eager to see that level tested again. Bitcoin has soared more than 18% this week alone, after a week-long hiatus in this year’s bull market. It is expected to rise by more than 40% by 2024.
Antoni Trenchev, co-founder of cryptocurrency exchange Nexo, said he expects some resistance as Bitcoin approaches $69,000, but if it breaks above $60,000, it will leave this year’s bull market behind. He said that this should stimulate the appetite of investors, especially individual investors. According to JPMorgan, interest in cryptocurrencies has returned this month after a brief hiatus in January.
The launch of ETFs has made the asset class more accessible to institutional investors, and the network’s upcoming halving, which has historically been the stage for massive rallies in subsequent months. The event has investors hoping it will set a new record this year.
“We’ve always known it would take Bitcoin to reach mainstream adoption and acceptance, and now the door is open for that to happen,” said Joel Krueger, market strategist at LMAX Group. “It was written off,” he said. “Bitcoin economics says it should continue to rise.”
Specifically, a halving, an event mandated by Bitcoin’s code, reduces Bitcoin mining rewards by half in order to limit supply. The next halving is scheduled to take place in April, but Bitwise Asset Management analyst Ryan Rasmussen noted that demand for Bitcoin already far exceeds supply thanks to ETFs.
“We’re only seeing the tip of the iceberg,” Rasmussen said, referring to the impact of ETFs. “Institutional investors are still working their way through Bitcoin ETFs, including platform approvals, advisor education, and customer education. I hope you don’t see it.”
The move sent Bitcoin-related stocks higher in pre-market trading.cryptocurrency exchange coinbase Stock prices rose more than 2%, but Bitcoin replaced it micro strategy It increased by 9%. block and robin hood, which also operates virtual currency trading services, rose 4% each.popular minor clean spark and riot platform Each added more than 2%.