Bitcoin 50 thousand for the first time since 2021 Dollar has gone up from, which was less than 20 thousand dollars at the beginning of last year.
This Cryptocurrency It was well below its all-time high of $69,000 in November 2021, and some crypto analysts believe it could go even higher.
Bitcoin price has increased in 2024 due to increased demand and decreased supply.
In January, the US Securities and Exchange Commission (SEC) approved the first spot exchange-traded funds (ETFs) for bitcoin, paving the way for billions of dollars of institutional investment in it.
Future hashing, which is hardcoded into Bitcoin’s underlying network, will benefit cryptocurrency miners by halving the number.
About every four years, the price increases to record highs from the past. With the next honing due in April, buying interest is likely to increase as it approaches.
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Alex Edelman, chief executive of crypto platform Lolly, told The Independent, “Bitcoin’s rise in price since the start of the year seems to be driven by increased mainstream demand, particularly from bitcoin ETFs.” Will stay.
“The world’s largest financial firms are now buying bitcoin to meet record-breaking demand for bitcoin ETFs, adding to the bullishness of bitcoin.”
Noted market analyst Plan B linked the ETF’s approval to Haung by posting rocket emojis on social networking site X.
This Dutch analyst has increased his followers on X by almost 2 million since his stock-to-flow model was used to estimate past highs.
The recent surge in prices has crypto proponents predicting its price to ‘go to the moon’ again, with some claiming that Bitcoin could reach a market cap equal to gold.
Bitcoin is currently the world’s 10th most valuable asset, according to companies’ market caps, about $300 billion below silver.
Its market cap is $980 billion, far below gold’s market cap of $13.1 trillion.
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2024-08-11 10:05:29
