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Bitcoin's value has skyrocketed at its highest price since November 2021

Home> News

Published 16:41 28 Feb 2024 GMT

Bitcoin's value has skyrocketed at its highest price since November 2021

Bitcoin's price rise has sparked a rally in other major cryptocurrencies.

Rebekah Jordan

Rebekah Jordan

Bitcoin hit almost $60,000 for the first time in more than two years, which is just $10,000 less than its record high back in November 2021.

The surge in prices gained momentum in January following the first-ever approvals in the US of spot exchange-traded funds (ETFs) for Bitcoin, which brought 'billions of dollars worth of institutional investment' to the market for the first time.

The latest 42% price rally caused the world's biggest cryptocurrency to reach a record high, with Bitcoin also on track for its most significant week-on-week gain in a year, climbing 18.5% since February 2021.

Bitcoin has reached its highest price since November 2021 / Westend61/Getty
Bitcoin has reached its highest price since November 2021 / Westend61/Getty

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Considering Bitcoin was trading below $20,000 just a year ago, this is an impressive turnaround.

This week’s price rise coincides with a record-breaking day in trading volume for Bitcoin spot ETFs.

The jump has sparked a rally in other major cryptocurrencies like Ethereum, which surpassed the $3,000 mark - its highest price since April 2022.

Global markets strategist at retail investment platform eToro, Ben Laidler, said: 'Bitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April's halving event and June's Fed interest rate cuts.'

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According to crypto platform CoinGecko, the value of all the Bitcoin in circulation has exceeded $2 trillion this month for the first time in two years, whilst the token's price itself has doubled in four months.

The latest 42% price rally caused the Bitcoin to reach a record high /Yuichiro Chino/Getty
The latest 42% price rally caused the Bitcoin to reach a record high /Yuichiro Chino/Getty

So, what's the reason for the sudden increase?

Simon Peters, market analyst at eToro, explained: 'The driving force behind the price move seems to be from the recently approved bitcoin spot ETFs continuing to acquire bitcoin in significant quantities.

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'Since launch, the bitcoin spot ETFs have amassed holdings that represent over 3 per cent of all bitcoin currently in existence. This milestone highlights a growing trend of institutional investors wanting to get exposure to bitcoin.

'I expect this trend to continue and it is possible that we could see bitcoin make a new all-time high (with the price going above $69,000) in the coming weeks.'

Research analyst at Fineqia International, Matteo Greco, proposes that this all-time high is just the beginning, saying: 'Personally, I believed and still believe new highs in 2024 are possible.'

'Whilst I don’t anticipate we’ll see as significant a percentage gain this time round (as typically the percentage gain from halving to all-time high has decreased each cycle), it is very possible that we could see the peak of the bull market somewhere in the six figures,' Peters concluded.

Featured Image Credit: Westend61/Yuichiro Chino/Getty
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