On video: Power plant restarted to mine Bitcoin/Angular
The price of Bitcoin (BTC) today wildly crossed the $60,000 mark during the early trading hours in the US. The last time it was traded at a similar price was only in November 2021.
It appears that the increase is due to a huge and unceasing flow of investments to the American hedge funds, which bought leading to the purchase of additional coins against the certificates. The American bitcoin-following hedge funds accumulated more than 12,000 coins yesterday, after adding about 10,000 the day before yesterday. From
the low set by Bitcoin in November 2022 until now, its price has soared by more than 290%. In the last week alone, the completed Bitcoin is up more than 18%, and just today, about 6%.
Many investors expect that Bitcoin may reach and even surpass its all-time high of $69,045 per coin, a record set for November 10, 2021.
Bitcoin.
Up 290% since November 2022/ShutterStock
Bitcoin's price performance is largely attributed to the market's anticipation of the upcoming Halving event, which occurs every 4 years and has historically led to a significant increase in price.
In addition, there are other analysts, including Rekt Capital, who claim that the market is not yet pricing in the upcoming crossing, and this is based on historical data according to which the major fluctuations of Bitcoin occurred only after the crossing events, and not before them.
The positive momentum in the price of bitcoin comes two days after hedge funds broke an all-time record for transaction volume of $2.4 billion on February 26, according to Eric Balchunas, a senior analyst at Bloomberg.
Bitcoin-related stocks, whether Bitcoin mining companies, such as Marathon Digital Holdings (MARA) or Riot Platforms (RIOT), are soaring tens of percent in recent days.
The business intelligence company MicroStrategy (MSTR) is also adding to the cost and as of writing these words, is trading at a price of $931 per share.
Together with Bitcoin, the total crypto market value crossed the $2.1 trillion mark, about $900 billion less than the record it set in 2021.
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