Bitcoin is up above $60,000, reaching highs last seen in November 2021. This Wednesday, Bitcoin (BTC) reached a new year-high of $60,653 at the time of writing, a 6.47% increase for the day and an astounding 37.26% increase year to date.
Bitcoin has risen 56.97% since January 23, when it fell below $38,500. On November 9, 2021, Bitcoin set its all-time high at $67,734.
The recent success of cash-traded Bitcoin ETFs, which have aggressively scooped up the cryptocurrency, has propelled the increase, with more than 3% of all bitcoins now in existence.
These dynamics have sparked vivacious trading activities. Everything suggests Bitcoin could hit new record highs, potentially breaking the $69,000 threshold in the coming weeks.
Adding to the fervor, around 70% of all circulating BTC hasn't moved in over a year, indicating a tight market. This tight position from holders put exchange supplies at their lowest since early 2018. This scarcity is poised to drive prices further as demand remains robust in the crypto marketplace.
Update: Bitcoin has reached $61,778.57.
