Bitcoin achieves new historic high
Date
3/12/2024 7:23:02 AM
(MENAFN) Bitcoin, the world's most valuable cryptocurrency, reached an unprecedented milestone on Monday as it surged past USD72,000, breaking its previous all-time high set in November 2021. The remarkable ascent marks an almost 70 percent gain for the year thus far, according to data from CoinDesk. In 2021, Bitcoin had reached USD68,790 during a period of heightened interest in the cryptocurrency market.
Analysts attribute the recent surge to increased cash inflows into United States-based spot Bitcoin exchange-traded funds (ETFs) and growing expectations of an impending interest rate cut by the Federal Reserve. The approval of crypto ETFs by the United States regulator in January has fueled institutional investors' growing interest in Bitcoin, as ETFs provide a means for retail investors to indirectly hold the cryptocurrency through exchange-traded funds.
DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it," emphasizing the broader impact of Bitcoin's rally on the entire digital currency market.
This surge follows a period of volatility for Bitcoin, which saw its value dip below USD20,000 in 2022, leading to a significant market contraction with nearly USD1.4 trillion wiped off the cryptocurrency market. Notably, the recent rally is seen as a significant breakthrough for Bitcoin as a digital asset, according to Anthony Scaramucci, founder of SkyBridge Capital and former communications director for ex-United States President Donald Trump. Scaramucci believes this marks a broader narrative for digital property in general.
As Bitcoin continues its upward trajectory, various predictions about its future value are circulating. Standard Chartered Bank projected late last year that Bitcoin could reach USD100,000 by the end of 2024 or earlier, while Cathie Wood, CEO of ARK Invest, went even further, forecasting a Bitcoin price exceeding USD1 million by 2030. The latest record-breaking milestone reinforces Bitcoin's resilience and growing prominence in the financial landscape.
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