Putting it within striking distance of all-time high, Bitcoin surges to top $59,000
Bitcoin (BTC) surged above $59,000 on Wednesday, nearing its all-time high, driven by increasing enthusiasm for the cryptocurrency.
Bitcoin’s price has risen over 15% this week and 40% this year, largely due to excitement around new spot bitcoin exchange-traded funds introduced in January. At last check, Bitcoin was up over 5% at $59,396, touching its highest point since November 2021. The ongoing rally seeks to gauge whether the price can near its all-time peak of $68,789, achieved six months before a notable crash in 2022.
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Crypto Market Resurgence
According to Ryan Rasmussen, a senior crypto research analyst for Bitwise Asset Management, “crypto is kind of rising from the ashes of the 2022 market.” This sentiment is shared by Mark Palmer of Benchmark, who predicts that Bitcoin’s price will reach $125,000 by the end of 2025.
Investors are also showing interest in other cryptocurrencies and related stocks. So far this year, Ether (ETH), the second-largest cryptocurrency, has surpassed Bitcoin’s performance by more than 10%. The total market value for all crypto assets has risen to $2.15 trillion, according to Coinmarketcap.
Rising Interest in Bitcoin ETFs
The trading activity in Bitcoin ETFs launched in January indicates a surge in enthusiasm for Bitcoin among everyday investors. These ETFs have attracted more than $6 billion in net flows as of Tuesday, according to data from Farside Investors.
Bitcoin trading volume this quarter has surpassed levels seen in every quarter of 2023, benefiting major crypto trading venues like Coinbase Global (COIN) and Robinhood (HOOD), whose stocks have risen by 27% and 31%, respectively, since January.
Increased Derivatives Trading
Bitcoin’s rally has also attracted derivatives traders. Cumberland Labs analyst Christopher Newhouse noted a surge in open contracts in the bitcoin futures market, reaching approximately $24 billion, surpassing the previous high set in April 2021.
“In the options market, the narrative is clear,” Newhouse added. “People are bullish.”
Investors and traders alike
Bitcoin’s recent surge to over $59,000 has brought it closer to its all-time high, driven by growing enthusiasm and new investment opportunities. The cryptocurrency market is experiencing a resurgence, with Bitcoin leading the way and attracting investors and traders alike.
ant to learn more about bitcoin mining or start mining yourself?
“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
Bitcoin mining explained.
Bitcoin Mining is the industry where the largest institutional party BlackRock is betting big and has recently become majority shareholder in four of the five largest mining companies.
You buy one or more Bitcoin mining machines and within 6-8 weeks it is mining for you with a current rate of 5.2 cents including hosting. Security and maintenance. What does a miner cost? How can these power rates be so low? Want to know more?
Attend the free Q&A about mining:
With Mitchell Weijerman (CEO of Epic Mining) . Where Mitchell answer all your questions live.
Also you can calculate profit in this spreadsheet
Full article about mining in depth you can find here. Bitcoin mining – Buy Low Mine High.
The simple way how smart investors can profit from a broken banking system. How crypto miners made 16.7 billion USD in 1 year and how we can get a piece of it. How anyone can make money with crypto mining within 4-8 weeks, regardless of your
ant to learn more about bitcoin mining or start mining yourself?
“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
Bitcoin mining explained.
Bitcoin Mining is the industry where the largest institutional party BlackRock is betting big and has recently become majority shareholder in four of the five largest mining companies.
You buy one or more Bitcoin mining machines and within 6-8 weeks it is mining for you with a current rate of 5.2 cents including hosting. Security and maintenance. What does a miner cost? How can these power rates be so low? Want to know more?
Attend the free Q&A about mining:
With Mitchell Weijerman (CEO of Epic Mining) . Where Mitchell answer all your questions live.
Also you can calculate profit in this spreadsheet
Full article about mining in depth you can find here. Bitcoin mining – Buy Low Mine High.
The simple way how smart investors can profit from a broken banking system. How crypto miners made 16.7 billion USD in 1 year and how we can get a piece of it. How anyone can make money with crypto mining within 4-8 weeks, regardless of your knowledge or experience.
