Bitcoin Surges Above $60,000 Mark for the First Time in Over Two Years, Approaching All-Time High
In a swift rally, the price of bitcoin soared to over $60,000, marking a significant milestone not seen since more than two years ago. At its peak on Wednesday, bitcoin reached $63,968 before slightly retracting to around $60,000. This surge has propelled its gains to 42 percent within the first two months of the year.
The rapid rise evokes memories of the crypto bull market that propelled bitcoin to its record peak of nearly $69,000 in November 2021. Investors are jumping in amid a “fear of missing out” on potential further price increases.
“This is incredible,” exclaimed Timo Lehes, co-founder of blockchain company Swarm, expressing his anticipation of further capital inflow into the token.
“When people witness such rapid increases in value within a short span of time… it naturally attracts more individuals, and the fear of missing out (FOMO) phenomenon definitely kicks in,” he remarked.
In January, US regulators sanctioned the launch of spot bitcoin exchange-traded funds (ETFs) by mainstream asset managers such as BlackRock and Invesco. This paved the way for a surge of new investments from individuals seeking to speculate on the cryptocurrency through a regulated avenue. Currently, the 11 funds collectively hold 303,000 bitcoins, as reported by K33 Research, with a total value of $18 billion, representing approximately 1.5 percent of the entire bitcoin supply.
Simon Peters, an analyst at trading firm eToro, remarked, “We could witness the breaking of the all-time high any day now. The primary driving force behind this surge is undoubtedly the bitcoin funds.”