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Bitcoin price beats $60,000, close to all-time high as halving nears

Wednesday, February 28, 2024 11:13 AM | Invezz via QuoteMedia

Bitcoin price beats $60,000, close to all-time high as halving nears

2024-02-28 11:13:15 ET

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Bitcoin (BTC) price experienced a significant surge on Wednesday, breaking above the $60,000 mark and nearing its all-time peak.

This recent upswing reflects a resurgence of enthusiasm for the world’s leading cryptocurrency, reminiscent of the fervour seen during the 2021 boom.

Bitcoin’s price gains 43% since Jan 1

Over the past week, Bitcoin’s value has soared by nearly 19%, with a remarkable 43% increase since the beginning of the year.

This surge is primarily attributed to the excitement generated by the introduction of several spot bitcoin exchange-traded funds (ETFs) that commenced trading in January.

Bitcoin near all-time high

Bitcoin’s price ascended over 6% to reach $61,087, marking its highest level since November 2021.

This rally poses the question of whether Bitcoin can approach or surpass its historical high of $68,789. The cryptocurrency had previously peaked at this value six months prior to its dramatic plunge in 2022.

What the analysts say

Ryan Rasmussen, a senior crypto research analyst at Bitwise Asset Management, commented on the recovery, stating, “Ultimately, what we’re seeing is crypto kind of rising from the ashes of the 2022 market.”

Broad market rally

The rally isn’t confined to Bitcoin alone; other cryptocurrencies and related stocks have also seen significant gains.

Ether (ETH), the second-largest cryptocurrency, has outperformed Bitcoin by more than 3% year-to-date.

The total market value of all crypto assets has surged approximately 37% to $2.24 trillion, as per Coinmarketcap data.

ETFs fuelling Bitcoin Enthusiasm

The launch of Bitcoin ETFs in January has played a crucial role in widening investor access to the digital asset, recording over $6.7 billion in net flows as of Wednesday. This data was compiled by London-based Farside Investors, highlighting the growing investor interest in Bitcoin.

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