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

By:
on Feb 28, 2024
Updated: Feb 29, 2024
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  • Bitcoin breaks above the $60,000 mark and nearing its all-time peak.
  • Bitcoin's price ascended over 6% to reach $61,087.
  • The rally isn't confined to Bitcoin alone; other cryptocurrencies and related stocks have also seen gains.

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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.

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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

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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

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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 experts say

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Trevor Traina, CEO of Kresus SuperApp, says,

Just as 60 is the new 40 soon 100 will be the new 60. As a store-of-value bitcoin is increasingly un surpassed by anything else on the market.  Ultimately it will usher in a new era where the Blockchain is recognized for many uses, and new types of tools will be required.

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.”

According to a report from Bitget, a prominent cryptocurrency exchange and Web3 entity responsible for the Bitget Wallet, 84% of investors are confident that Bitcoin will reach a new all-time high in the upcoming bull run.

This anticipated bull run is projected to align with the Bitcoin halving event scheduled for April of this year.

Broad market rally

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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

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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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