Bitcoin rises 47 percent in beginning of 2024, reaching record highs amid investor frenzy


(MENAFN) In a remarkable surge, the price of Bitcoin has witnessed a staggering 47 percent increase since the beginning of the year, reaching USD63.6 thousand by the end of February. This marks the first time Bitcoin has hit such highs since November 2021, igniting enthusiasm among investors keen on trading the cryptocurrency. According to data from Bloomberg, Bitcoin is now edging closer to its peak levels of USD68.9 thousand, achieved in late 2021.

Over the past two weeks alone, the value of Bitcoin has soared by approximately 20 percent. The seemingly insatiable demand for US exchange-traded funds (ETFs) investing in Bitcoin has emboldened traders to place hefty bets on the cryptocurrency surpassing its previous record of nearly USD69,000, last seen during the height of the COVID-19 pandemic. During Friday's trading session, the price of Bitcoin stabilized around the USD62,000 mark.

Investors are eagerly anticipating Bitcoin to establish a new record, fueled by the debut of exchange-traded funds and an impending Bitcoin classification event. These developments are expected to further propel cryptocurrency prices upward, as reported by CNBC. With optimism running high and investor interest intensifying, Bitcoin's ascent towards new heights seems increasingly likely in the coming days.

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