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Bitcoin Its surge continued on Wednesday and reached above $60,000 for the first time since November 2021.
According to Coin Metrix, the price of the flagship cryptocurrency was last up 6% at $60,688.00. Earlier it had reached the highest level of $60,734.42. It is now slightly below its all-time high of $68,982.20.
Bitcoin, 5 years
With the record in clear sight, the market is even more motivated to see a retest of that level. After a one-week pause in this year’s rally, Bitcoin is up more than 18% this week alone. It is now more than 40% for 2024.
Investors are expecting a new record to be set this year following the launch of the ETF, making the asset class more accessible to institutional investors, and with the network’s upcoming halving event, which has historically seen a rise in the coming months. The stage has been set for a big rally.
Antony Trenchev, co-founder of crypto exchange Nexo, said some resistance is expected as Bitcoin approaches $69,000, but breaking $60,000 should whet the appetite of investors who have been sitting out this year’s rally – especially retail. Investor. According to JPMorgan, retail investors’ crypto appetite has increased again this month after a pause in January.
“We have always known that we needed to get Bitcoin to a place where it is adopted and accepted at a mainstream level, and now the door has opened for that to happen,” said Joel Kruger, market strategist at LMX Group. “The economics of Bitcoin dictate that it should continue to move higher.”
Specifically, the mandatory event in the Bitcoin code, halving, reduces the Bitcoin mining reward by half to limit the supply. The next halving is expected to take place in April, although Ryan Rasmussen, an analyst at Bitwise Asset Management, noted that thanks to the ETF, demand for Bitcoin already far exceeds supply.
“We have only seen the tip of the iceberg,” Rasmussen said, referring to the impact of ETFs. “With Bitcoin ETFs institutional capital is still growing rapidly – platform approvals, advisor education, client education – I expect there is a lot of demand still beneath the surface and yet to be seen.”
The move gave a boost to Bitcoin-related equities in premarket trading. crypto exchange coinbase Shares surged more than 2%, while Bitcoin proxy micro strategy Jumped 9%. block And Robin Hood, which also operates crypto trading services, each rose 4%. popular miner cleanspark And riot platform Each added more than 2%.
