Bitcoin (CRYPTO: BTC) has crossed the US$60,000 price mark reaching heights not seen since November 2021, as it approaches all-time high of US$68,991.
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The price rally of the cryptocurrency is largely attributed to he introduction of Bitcoin exchange traded funds (ETF). The ETFs sparked renewed interest across the sector.
Since their approval on January 10, 2024, by the US Securities and Exchange Commission, the ETFs indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency without having to hold it directly.
Wednesday saw Bitcoin’s value increase by over 6%, positioning it tantalizingly close to its peak of $68,000 recorded in late 2021.
Exchange-listed cryptoasset-linked investment products have attracted around US$5.7 billion since the start of the year according to calculations by asset manager CoinShares published on Monday,
Investing.com reported that the upcoming Bitcoin halving in 2024 could further constrict supply and possibly propel prices even higher.
Bitcoin halving is expected to reduce the reward for mining new blocks.
At the time of this report, BTC was trading at US61,463.50 .
Other cryptocurrencies are also rising along side BTC;
- Ethereum (ETH) is up to US$3,332.75
- Cardano (ADA) is up to US$06255
- Shiba Inu (SHIB) is up to US$0.00001139
- Dogecoin (DOGE) is up to US$0.10775
- Solana (SOL) is up to US$114.48
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
