The price of bitcoin has surpassed $60,000 for the first time in more than two years. It is at an all-time high against the euro.
Bitcoin: $100,000 in sight
The exchange rate against the dollar soared 12.6% on Wednesday alone, hitting $63,968 before weakening due to problems at Coinbase.
Coinbase said it was traffic ten times higher than normal that was causing the disruptions some users were experiencing. In particular the display of a zero balance on certain accounts…
“We appreciate your patience”the exchange said. “We are starting to see improvement in customer transactions. Due to increased traffic, some customers may still see connection, sending, receiving errors with certain payment methods. Rest assured that your funds are safe. »
In short, the recent rise in bitcoin brings its performance to more than 40% since the start of the year. And this after an increase of more than 150% in 2023. We are a hair away from the historic record of around $69,000.
That being said, bitcoin is already at all-time highs in over 30 different countries. Even 50 countries now that it has just broken its record against the euro. The reason being that the single currency has depreciated by 6% against the greenback since Bitcoin’s last ATH.
“We could see a new all-time high against the dollar any day now”said Simon Peters, analyst at eToro, at Financial Times. “The driving force behind this is undoubtedly ETFs”.
Indeed, searches for the word “bitcoin” on Google remain anemic. This proves that this rally does not come from little people. This time, it is the large investment funds which are in charge.
The total volume traded on ETFs was $7.69 billion on Wednesday. A record. This represents 122,000 bitcoins. In net, nearly $700 million was invested in bitcoin on this day alone.
According to K33 Research, the 11 ETFs have already absorbed more than 300,000 bitcoins. That’s $18 billion, which is equivalent to around 1.5% of all bitcoins in circulation.
Adding the former GBTC Trust, US ETFs now hold over 768,000 BTC. Or nearly 4% of all bitcoins in circulation.
By the way, it is not possible on ETF platforms to invest in shitcoins. There will be no Alt season on Wall Street.
It is certain that the increase is partly speculative. Besides, everyone has a price and sellers will appear sooner or later.
However, with halving and monetary easing in sight, the horizon remains clear. $100,000 finally in sight.
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