The largest cryptocurrency by market capitalization, Bitcoin, is on track for its biggest monthly gain in more than three years, driven by a rush of cash flowing into exchange-traded funds.
According to Reutersthe approval and launch of spot bitcoin exchange-traded funds in the US this year opened up the asset class to new investors and reignited a frenzy that faded when prices crashed during the 2022 “crypto winter.”
It is noted that Bitcoin was last up 3.4% to $63,933, its highest since late 2021. At the same time, the monthly growth of Bitcoin is more than 47%, which is the highest figure since December 2020.
In addition, the growth of Bitcoin pulled Ethereum along with it. The smaller cryptocurrency topped $3,500 for the first time since April 2022 on Wednesday and was last up 4.3% at $3,466, taking February’s rise to 52%.
According to brokerage IG Markets analyst Tony Sycamore, the momentum in Bitcoin indicates a likely breakout of $69,000. This means that Bitcoin could surpass its record set in November 2021.
The supply of bitcoins is limited to 21 million, of which 19 million have already been mined.
Bitcoin – latest news
In January 2024, a landmark event took place for the digital asset sector. For the first time, American regulators have approved exchange-traded funds that invest directly in Bitcoin. This will expand access to the most popular cryptocurrency.
On February 28, it was reported that quotes of the world’s most popular cryptocurrency exceeded $60 thousand. Thus, in 2024, Bitcoin increased in price by more than 40%.
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2024-02-29 12:06:00
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