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Bitcoin is currently trading above $69,000 – a new record! The all-time high was $68,990.90 in November 2021, according to data from Dow Jones Market Data.
The price record is no surprise: The share price has been climbing at a record pace for weeks. On Tuesday, Bitcoin reached an all-time high of $69,300 on crypto exchange Coinbase.
Reasons for price explosion
The crypto reserve currency has been driven by sustained inflows into exchange-traded ETFs since January, according to market observers. There are currently more buyers than sellers for the financial product, causing the price to rise.
Another Bitcoin halving is also approaching in April. Halving reduces the reward Bitcoin miners receive for verifying crypto transactions. This further reduces the supply of new Bitcoin. The halving occurs every four years.
“It is clear from historical data that the halving, which occurs every four years, has a positive impact on the Bitcoin price,” Swiss crypto expert Julian Liniger (30) told Blick last week. So far he’s right.
At the beginning of February, the Bitcoin price was still at $43,000. In the last month alone, the cryptocurrency has gained more than a third in value. The price has more than doubled since the end of October 2023.
Ether does the same thing
The price of the second largest cryptocurrency, Ethereum, has also experienced a sharp rise in the last few days. The currency posted a double-digit gain of almost 60 percent over the previous month and was trading around $3,150 on Wednesday. Ether’s all-time high is a little further away from Bitcoin: $4878.26.
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.
