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Bitcoin soars 100% in 12 months: What’s driving the rally?

Bitcoin soars 100% in 12 months: What’s driving the rally?
Bitcoin soars 100% in 12 months: What’s driving the rally?

This growth has generated great expectations among cryptocurrency enthusiasts and traditional investors, ending the crypto winter and returning digital assets to the center of the financial scene.

This is partly due to the rally in the price of Bitcoin and a growing understanding of the potential benefits of the blockchain technology that underpins cryptocurrencies.

Reuters

He Bitcoin price BTC has seen an extraordinary rally over the past year, doubling in value since July 2023. This is despite the fact that the price of BTC fell 10% in the sixth month of the year. In early June, the cryptocurrency touched $71,000, but its decline has since intensified in a range between $60,000 and $70,000 since mid-March, when it hit its all-time high of $73,797.

It is worth remembering that on July 1, 2023, the main cryptocurrency was trading at around $30,000. Today, exactly one year later, the price of Bitcoin exceeds $60,000. During that remarkable run, BTC reached its all-time high (ATH) of USD 73,738 on March 14, 2024.

This growth has generated great expectations among crypto enthusiasts and traditional investors, ending the crypto winter and returning digital assets to the center of the financial scene. Among the various factors that drove this 100% rise in just 12 months.

The reasons behind the push

  • Greater institutional adoption: More and more traditional financial institutions, such as hedge funds and investment firms, are exploring the potential of Bitcoin as an investment. This growing institutional adoption is injecting liquidity and legitimacy into the market, which in turn is driving up prices.

bitcoin cryptocurrencies

  • Bitcoin Spot ETF Approval: In April 2023, the U.S. Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs, making it easier for institutional and retail investors to invest in Bitcoin. This led to a significant increase in the demand and price of Bitcoin.
  • Positive market sentiment: Overall, market sentiment towards cryptocurrencies appears to be more positive compared to the previous year. This is partly due to the rally in the price of Bitcoin and a growing understanding of the potential benefits of the blockchain technology that underpins cryptocurrencies.

Source: Ambito

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