Bitcoin reaches over $63K, its highest value since November 2021, sparking renewed interest in cryptocurrency markets.
Bitcoin’s price went over $63,000 on Wednesday, its highest since November 2021. This happened as more people invested in U.S.-traded spot ETFs, which added over 12,000 bitcoin on Tuesday and about 10,000 on Monday. The upcoming bitcoin halving in April, which occurs every four years, is also raising expectations for further gains, as it reduces the rate at which new bitcoins are created.
The rapid rise in Bitcoin’s price has brought back memories of the cryptocurrency’s bull market, which saw it reach a record peak of nearly $69,000 in November 2021. Investors are jumping in out of fear of missing out (FOMO) on further price increases.
Timo Lehes, co-founder of blockchain company Swarm, described the situation as “insane” and predicted that more money would flow into Bitcoin as people are drawn in by the rapid gains.
Bitcoin has been experiencing a strong rally for months, which has intensified this week. Just a few days ago, its price was below $51,000. It surpassed $60,000 just a few hours before reaching over $63,000.
According to Coin gecko, Bitcoin bulls are now aiming to exceed the cryptocurrency’s previous all-time high of $69,045, which was reached on November 10, 2021. This indicates growing optimism among investors about the potential for further price increases in the near future.
