Bitcoin surged 6% to $60,320, inching closer to the all-time high of $68,982.20. In the past week, the cryptocurrency’s price has increased by over 18% after a period of stagnation. Since the beginning of 2024, Bitcoin has risen by more than 40%.
Antoni Trenchev, co-founder of the crypto exchange Nexo, predicts some resistance as Bitcoin approaches the $69,000 mark. “Breaking the $60,000 mark will further increase the interest of investors, especially retail investors,” he said.
According to JPMorgan, investor interest in cryptocurrencies has rebounded in February 2024 after a slowdown in the previous month.
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Halving is an important event in the Bitcoin system that occurs every four years. After the halving event, the number of newly created Bitcoins through the mining process is halved. |
Investors are eagerly anticipating a new record for Bitcoin this year as Bitcoin ETFs become available and make the asset more accessible to institutional investors.
In addition, the upcoming Bitcoin halving event is also highly anticipated. The event is expected to take place in April 2024. Ryan Rasmussen, an analyst at Bitwise Asset Management, believes that thanks to the emergence of Bitcoin ETFs, the demand for Bitcoin is surpassing the supply.
“We’ve only seen the tip of the iceberg,” Rasmussen said, referring to the impact of Bitcoin ETFs. “Institutional capital is flowing into Bitcoin ETFs and the demand is still increasing.”
The sharp rise in the price of Bitcoin has created a boost for stocks related to cryptocurrencies. The shares of the crypto exchange Coinbase have increased by over 5%, while major player in the crypto market Microstrategy has surged by 8%. The stocks of crypto mining companies CleanSpark and Marathon Digital have also risen by over 4%.
