According to the website StockCharts, the price of the cryptocurrency Bitcoin has reached a record high of 69,244 US dollars (USD) this week.
The previous record of just under $69,000, which was reached in November 2021, has been surpassed, while the end of 2022 saw a shocking price drop when the value of the electronic currency fell by up to 77%.
Since Bitcoin’s low in November 2022, it has risen 345%. The cryptocurrency is up 61% year-to-date and more than 200% in the past year.
Most of the gains in recent weeks have been fueled by demand from exchange-traded funds that were approved by the United States Securities and Exchange Commission in January. Bitcoin has attracted a total of $17.8 billion in assets.
Hype for the cryptocurrency has also been boosted by the upcoming April event of a new Bitcoin mining reward halving, which should further limit the supply of new cryptocurrency.
According to the data, the total market value of Bitcoin is now 1.32 trillion USD. And some analysts expect the cryptocurrency to continue hitting new highs.
2024-03-10 14:31:16
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