Bitcoin recently reached a price not seen in over two years, surpassing $58,500 for the first time since November 2021. This significant gain follows a period of correction from its previous peak of almost $69,000.
Further fueling the rally, major tech firm MicroStrategy announced a significant Bitcoin purchase, adding to their already sizeable holdings and solidifying their position as the top corporate owner of the cryptocurrency. Bitcoin’s price has also seen impressive growth over the past week and month, exceeding 13% and 38% increases respectively.
An expert, Mikkel Morch, believes the recent price surge in Bitcoin is primarily driven by large, established investors like MicroStrategy buying in. He explains this isn’t just a price change, but a sign that these institutions believe in the future of cryptocurrencies. Additionally, the recent approval of Bitcoin exchange-traded funds (ETFs) in the US adds to the positive sentiment, attracting new investors and boosting the overall market despite broader economic uncertainties.
An analyst, Mikkel Morch, predicts that both Bitcoin and Ether could reach new record highs soon due to the upcoming Bitcoin halving event and the possibility of a US spot Ether ETF being approved. He emphasizes that the potential approval signifies growing acceptance of the cryptocurrency market, acknowledging Ether’s significance not just as a currency but as a technological foundation for the future of finance. Additionally, Bitcoin ETFs continue to see significant trading activity, exceeding $2 billion in combined volume for the second day in a row.
Source: https://cointelegraph.com/