Bitcoin continued its relentless rally, reaching a new all-time high of $72,661.10 today. This surge coincides with growing institutional investor interest in spot Bitcoin ETFs and a broader global acceptance of cryptocurrencies. As of now, Bitcoin is trading at around $72,425.75 across various exchanges, marking an unprecedented peak. Over the past 24 hours, the leading cryptocurrency has gained a 4.14% market cap and a staggering 81.66% trading volume.
The latest record-breaking all-time high price was attained following the sixth consecutive day of gains, propelling this year’s rally to nearly 70%. This surge is attributed to record-high inflows into US spot Bitcoin exchange-traded funds, indicating a growing involvement of institutional investors. Additionally, this momentum is complemented by the London Stock Exchange (LSE) confirming its acceptance of applications for Bitcoin and Ethereum Exchange-Traded Notes (ETN).
Market analysts attribute Bitcoin’s record-breaking price levels to a blend of enthusiasm surrounding ETFs and macroeconomic factors. A portion of this fervor is linked to the imminent Bitcoin “halving,” a programmed event within Bitcoin’s code that diminishes the daily production of new coins. This reduction is anticipated to tighten the supply, potentially causing a supply crunch.
Renowned figures in the financial realm, including Tom Lee from Fundstrat, and Michael van de Poppe, have collectively foreseen a straightforward path for Bitcoin’s price, anticipating it to effortlessly reach $100,000 in 2024.
Ethereum, alongside Bitcoin, is witnessing a significant uptick in value. Ethereum reached a pinnacle of $4,065.80 before modestly retracing to its current valuation of $4,044.60. Notably, ETH showcases a remarkable surge of 3.41% in market capitalization and an impressive 93.58% increase in trading volume over the past 24 hours.
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