The cryptocurrency is in full bullish rally, despite later settling below $69,000.
He bitcoin It broke its historical maximum for the second time in a week by exceeding $70,000 this Friday, driven by the entry into the market of large investment funds, after authorizing USA exchange-traded funds (ETF) linked to that virtual currency.
The cryptocurrency touched $70,085 this afternoon, according to data from Bloomberg, which surpassed the previous record, of 69,191.9 dollars, reached last Tuesday. The top achieved that day meant breaking a record in force since November 10, 2021, the date on which bitcoin had reached $68,991.85.
Finally, it settled at $68,290, in the middle of a rally that returns it to the center of the scene, which coincides with the appreciation of the gold on European stock markets.
Thus, the total market capitalization of bitcoin It already rises to 1.37 trillion dollars (1.25 trillion euros), according to data from CoinMarketCap.
Meanwhile, Tokens like Dogecoin and Pepe posted double-digit percentage gains today, adding to the impressive rallies seen throughout the week. ether, The second largest cryptocurrency by market value, is up 16% so far this week, more than double that of its largest counterpart.
Bitcoin’s bullish rally
Since January 23, when bitcoin fell to its annual low ($38,509), the cryptocurrency has appreciated more than 80%. Analysts attribute the sharp rise in bitcoin to the decision of the SEC, the US stock market supervisor, to authorize ETFs linked to the spot price of this cryptocurrency. From that moment on, the flow of investment from large funds to the bitcoin market skyrocketed.
Other factors that analysts mention are the possibility of a drop in interest rates and the proximity of a new “halving” (the halving of the reward obtained by bitcoin “miners”), scheduled for April.
Unlike what happens with the coins issued by the central banks, The creation of bitcoin is done in a decentralized manner through a process known as “mining.”
Source: Ambito
