Bitcoin continued its surge on Wednesday, shooting above $60,000 for the first time since November 2021.
The price of the flagship cryptocurrency was last higher by 6% at $60,391.10, according to Coin Metrics. Earlier, it rose as high as $60,734.42. It’s sitting just below its all-time high of $68,982.20.
Bitcoin, 5 years
With the all-time high in clear sight, the market is even more motivated to see that level retested. Bitcoin has soared more than 18% this week alone, after a week-long pause of this year’s rally. It’s now up more than 40% for 2024.
Investors are expecting it to set a new record this year after the launch of ETFs made the asset class more accessible to institutional investors, and with the network’s upcoming halving event, which historically has set the stage for a major rally in the months that follow.
“Bitcoin at $60,000 should prick up the ears of retail investors who have been notably absent from this rally and have the potential to add fresh fuel to the ongoing bull run,” said Antoni Trenchev, cofounder of crypto exchange Nexo. “Expect some resistance as bitcoin nears $69,000 – it would certainly be a surprise if bitcoin sails through its prior peak at the first time of asking.”