What’s happening in the cryptocurrency world? The price of Bitcoin reached its highest level since late 2021. Thanks to new ETFs focusing on Bitcoin, it has surpassed $60,000. But what awaits this market in the long run?
Bitcoin price crosses $60,000
The largest digital currency reached its highest level of $60,131 as of February 28. This means that with the gains it made in February, its price has increased by 42 percent this month alone. If it continues until the end of the month, this would mark Bitcoin’s best performance since 2020.
Investors have recently invested in Bitcoin ETFs offered by major firms such as Grayscale, Fidelity and BlackRock. Daily trading volumes in these ETFs have more than doubled in the past week.
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The increase in demand is fueled by various factors. With the US Federal Reserve signaling that it may lower interest rates, many people see Bitcoin as a hedge. It is also thought that with the decrease in Bitcoin miners, the current supply may tighten further.
In addition to individual investors, large companies have also increased their Bitcoin stocks. Crypto exchange Nexo said that 70 percent of its supply has not moved for more than a year. This means that the liquid supply on exchanges is decreasing.
If this rise in Bitcoin continues, it is thought that Bitcoin will reach the $ 70,000 level. On the other hand, the cryptocurrency market capitalization exceeded $ 2 trillion for the first time since 2020.
