Bitcoin Peak Price: Highest since 2021
The Bitcoin Peak Price in several years has boosted buying and selling of the cryptocurrency, in a market boost.
Bitcoin, the most important cryptocurrency by market valuation, soared again this Wednesday, February 28,
Bitcoin’s price high put it at its highest level since November 18, 2021 by surpassing $60,000, after surpassing Tuesday’s high of $57,100.
Past 11 a.m., the Bitcoin trades with a gain of 6.6% at USD 60,600, while so far in 2024 the gains of this virtual currency exceed the threshold of 40%.
The maximum price of the Bitcoin once again places it as one of the most winning financial plays of this beginning of the year.
Since last January 23, when it fell to $38,500, the price of the cryptocurrency has already advanced by 57 percent.
It should be remembered that between November 8 and 10, 2021, this cryptoasset reached trading above USD 69,000, after a peak of USD 65,000 in April of that same year.
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Reasons: Bitcoin Peak Price
There are several reasons to understand why the Bitcoin price peak was reached.
According to analyst Simon Peters, cryptoasset expert at investment platform eToro, the driving force behind the move remains the recent approval of cash Bitcoin ETFs, exchange-traded funds, vehicles that continue to acquire the cryptocurrency in significant quantities.
Since their launch, cash Bitcoin ETFs accumulated holdings representing more than 3% of all Bitcoins currently in existence.
Therefore, the analyst expects the current trend to continue and advanced that it is possible that it will reach a new all-time high, reaching over $69,000 in the coming weeks.
Another reason for Bitcoin’s record high price is its correlation with the Nasdaq.
As a high-risk investment, bullish periods for the Bitcoin are coupled with periods of high gains in traditional markets.
In particular, the Bitcoin replicates and amplifies the rises recorded in Wall Street’s Nasdaq technology index.
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Big year for Bitcoin price…
Bitcoin’s impressive rise last year, by more than 150%, was accompanied by a gain of more than 40% in the technology panel of the New York stock exchanges. In 2024 the Nasdaq is up 8% and Bitcoin is up fivefold.
Likewise, according to analyst Simon Peters, cryptoasset expert of the investment platform eToro, the Bitcoin remains since last Monday above USD 57,000, which was the highest price since December 2021.
Now, at USD 60,000 it regains new bullish strength to reach levels of April 11, 2021, the day it stood at USD 59,670, according to market data.
Undoubtedly, another reason for the peak Bitcoin price is that institutional investors incorporate virtual currencies into their asset portfolios.
This by default empowers Bitcoin as a gateway, as it is the most popular and accepted.
Likewise, the “FOMO”, Fear of Missing Out, is that many feel fear of being left out of a large investment.
FOMO is common in cryptocurrency markets, especially during periods of rapid price appreciation or during collective euphoria around a new cryptocurrency or blockchain project.
Investors may feel pressure to act quickly so as not to miss a unique opportunity, which can lead to financially irresponsible decisions.
