Bitcoin Price Surges Above $59,000, Close To Its All-Time High

(CTN News) – Bitcoin (BTC) was valued at just over $59,000 on Wednesday, putting it within striking distance of its all-time high. Interest in the world’s largest cryptocurrency reached a level last seen during a boom in 2021.

Since the launch of a series of spot bitcoin exchange-traded funds in January, the price of the digital asset has risen more than 15% in the past week and by more than 40% in the first half of the year so far, in part because of the excitement sparked by them.

As of the last check, bitcoin had gained over 5% to reach $59,396 at the time of writing, its highest point since November 2021.

During the current rally, the price is being tested to see if it can be pushed higher towards its all-time high of $68,789. It was only six months before the apex of that cycle occurred in 2022 that the market started to plummet.

Ryan Rasmussen, a senior crypto research analyst for Bitwise Asset Management, a company that specializes in crypto mining, said, “Above all, what we’re seeing is crypto rising from the ashes of the 2022 market.”

“Based on our assumption, we expect that the price of bitcoin will reach $125,000 by the end of 2025,” Benchmark’s Mark Palmer said on Yahoo Finance Live this morning.

As a result, investors are bidding up the price of other cryptocurrencies and related stocks as well.

Throughout the course of this year, ether (ETH), the second largest cryptocurrency by market value after bitcoin, has outperformed bitcoin by more than 5% in value, while the total market value of all crypto assets has increased by roughly 35% to $2.21 trillion, according to Coinmarketcap.

Bitcoin ETFs launched in January, giving everyday investors widespread exposure to the digital asset, are a sign of the surging enthusiasm for bitcoin in the market at the moment. The ETFs are one sign that overall interest in bitcoin is surging.

It has been reported that the funds have accumulated a total of more than $6.7 billion in net flows up to Wednesday, according to data compiled by Farside Investors, a London-based fund manager.

The amount of bitcoins traded so far this quarter has exceeded levels seen for the same period in every quarter of 2023, by a considerable margin.

Coinbase Global (COIN), Robinhood (HOOD) along with other major crypto trading exchanges have benefited from that activity in recent months. As of the beginning of January, these stocks have gained 27% and 31%, respectively, in value.

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