Bitcoin hits highest level in two years, surpasses $64,000
written by Bella Palmer
In the past month, the crypto currency has surged over 40%, nearing its intraday high of $69,000 from 2021
Bitcoin achieved a significant milestone on Monday by reaching its highest level in two years, surpassing $64,000 due to a surge of investments driving it towards record territory.
It peaked at $64,285 during the early Asian trading hours, the highest point since late 2021, and closed at $63,850, showing a 2% increase for the session.
In the past month, the crypto currency has surged over 40%, nearing its intraday high of $69,000 from 2021.
The excitement surrounding Bitcoin's rise is fuelled by the recent approval of spot exchange-traded funds (ETFs) in the United States.
Bitcoin’s recent rally has been sparked by the spot Exchange Traded Fund approval in the US, the upcoming Bitcoin Halving, and overall renewed optimism around the asset class, said Bivu Das, Kraken’s UK MD.
As we look ahead to the next year, it is important to remember first-principles when trading crypto. I always encourage people to do their own research into the crypto platforms and assets in the market. Particularly for anyone new to the space, look for a platform that provides an experience that centres around simplicity, customer service, robust security, and strong liquidity, Das added.
Anticipated changes in the mining process scheduled for the end of April have also contributed to the fervour.
Standard Chartered, a top multinational bank, has raised its Bitcoin price prediction to a range between $100,000 and $120,000 by the end of 2024 in a recent research report. This adjustment is based on higher profitability for Bitcoin miners, with an estimated Bitcoin value of $50,000 by the end of this year.
Ether, a well-known crypto currency, has seen a rise in value due to speculation about the possible introduction of exchange-traded funds. It peaked at $3,490 on Monday, almost reaching its highest point in two years from the week before, marking a 50% increase since the beginning of the year.
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