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Moreover, 22 percent in five days! Bitcoin seems to have no limit right now. The world’s oldest cryptocurrency surpassed $63,000 on Thursday night. For comparison: The cost of one Bitcoin on Sunday was still around $51,000.
Bitcoin hasn’t been this expensive since the end of 2021. If things continue like this, the all-time high of $69,045 in November 2021 will soon be history. “The record spark in global stock markets has now spread to Bitcoin and Co.,” says analyst Timo Emden in a comment.
Reasons for price explosion
The current environment and the record atmosphere in the most important stock exchanges create a kind of “gold rush atmosphere” in the market. Bitcoin halving remains the “number one hour”. “Obviously the market hasn’t priced in 100 percent of the key event yet,” Emden said.
The halving, which takes place in April, results in the block reward being halved when “mining” new Bitcoins. In the past, supply shortages have led to serious price increases. “Less Bitcoin, higher prices,” Julian Liniger (30) tells Blick. “Currently 6.25 new Bitcoins are released every ten minutes, that is 900 Bitcoins per day.” After the halving in April there will only be half as much, i.e. 3,125 Bitcoins every ten minutes and 450 Bitcoins per day.
What’s next?
According to Matteo Bottacini from “Crypto Finance”, the total market value exceeding $ 2 trillion for the first time since December 2021 will further strengthen the positive sentiment.
The market is now focused on identifying the next “important trend”: “I am still skeptical about the imminent launch of the Ethereum spot ETF,” says Bottacini. But considering recent price movements and volatility trends, there are many indicators that Ether still has upside potential.
The second-largest cryptocurrency recorded another double-digit increase of almost 15 percent compared to the previous week. Ether is currently trading at $3,348.
(with agency material)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
