Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
Bitcoin broke above $66,000 on Monday, rallying to a two-year high as a wave of money carried it within striking distance of record levels.
Further, its market cap also crossed the $2.5 trillion mark.
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Notably, the price hit a session high of $65,537 early in Europe, having already hit a new two-year high in Asian trading. It was last up 4 per cent at $65,045.
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Bitcoin is the largest cryptocurrency by market value, and has hit a record $68,999.99 in November 2021.
It has gained 50 per cent this year and most of the rise has come in the last few weeks where inflows into US-listed bitcoin funds have surged.
The rally has come in tandem with records tumbling on stock indexes from Japan’s Nikkei to the S&P 500 and tech-heavy Nasdaq and with volatility gauges in equities and foreign exchange turning lower.
Experts believed that despite the bullish outlook, dips are not unusual during bull markets.
In January, the bitcoin price nosedived below $39,000 from highs around $48,000 as investors sold the ETF news after buying the approval rumor in Q4.
As per the data tracked by IntoTheBlock, over 97 per cent of BTC addresses are now in the money.
That’s the highest proportion since November 2021, when the largest cryptocurrency by market value hit a record high around $69,000.
Bitcoin has risen 54 per cent this year, extending 2022’s 154 per cent gain, mainly due to strong inflows into the US-based spot exchange-traded funds approved in January.
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