Leading cryptocurrency Bitcoin surpassed the $60,000 mark on the 28th (local time) for the first time in 27 months. With its unstoppable upward momentum, it soared to as high as $64,000, bringing the historic peak of November 2021 ($68,982) within sight.
According to economic media CNBC and others, as of 3:22 PM Eastern Time on the day, Bitcoin was trading at $60,372.35, up 5.9% from 24 hours earlier. This is the first time Bitcoin's price has exceeded $60,000 since November 2021. Around 12:15 PM, it continued its relentless rise to $64,000. Following this, profit-taking selling pressure emerged due to the rapid surge, and the price is currently moving in the low $60,000 range.
This upward trend is attributed to continued inflows into related ETFs following the approval of Bitcoin spot exchange-traded funds (ETFs), along with growing expectations for price increases ahead of the Bitcoin halving. CNBC reported that ETFs such as the iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund set all-time records on the day. According to CoinShares, funds flowing into cryptocurrency-related investment products this year are estimated at $5.7 billion. Among investors, there is also a confirmed FOMO (Fear of Missing Out) sentiment to avoid being left out of the Bitcoin rally.
Accordingly, there are predictions that the all-time high will be surpassed soon if the current trend continues. Bitcoin, which surpassed $50,000 on the 15th, broke through $60,000 in just 16 days. The increase this year alone exceeds 40%. In particular, the Bitcoin halving scheduled for April is analyzed to be the foundation for breaking the high, as with previous rallies. Earlier, Bitcoin's price also reached the 83 million KRW range in the Korean won market, already setting an all-time high. Bitcoin was traded at around 57 million KRW at the beginning of this year on domestic won exchanges, rising more than 40% in two months.
Antoni Trenchev, co-founder of cryptocurrency exchange Nexo, said, "As Bitcoin approaches the peak of $69,000, some resistance is expected," but added, "Breaking through $60,000 will stimulate investors' appetite." Jack Palley, Head of Research at Grayscale Investments, said, "Bitcoin demand is increasingly colliding with tightening supply," adding, "With the halving in April, issuance will be cut in half. Since there is not enough Bitcoin to meet all new demand, prices are rising due to natural supply and demand dynamics."
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