Bitcoin continues its strong rally
The price of Bitcoin rose above $58,000 during Wednesday’s trading, approaching its all-time high.
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The value of the digital currency has now surged by up to 12% on a weekly basis and 38% so far this year,
largely fueled by the excitement generated by a series of exchange-traded funds (ETFs) in the Bitcoin market that began trading in January.
Bitcoin surpassed the $57,000 level during yesterday’s trading and reached its highest point since November 2021.
There is now speculation about whether the price will be able to break its all-time high recorded at $68,789.
This surge comes six months before the collapse experienced by digital currency prices in 2022.
Since the beginning of the year, Ethereum, the second-largest cryptocurrency, has outperformed Bitcoin by over 10%.
The overall market capitalization of all cryptocurrencies has risen by nearly 30% to around $2.15 trillion.
Bitcoin is actively traded in Bitcoin exchange-traded funds launched in January,
providing ordinary investors with a wide opportunity to invest in digital assets.
These funds recorded net inflows of over $6 billion until Tuesday.
Bitcoin’s trading volume in this quarter has surpassed levels seen in the previous three months of 2023,
leading to significant increases in the stocks of major cryptocurrency trading companies.
Bitcoin continues its strong rally