The Bitcoin price today reached a two-year high, reaching a value of above $68,600, almost reaching its all-time peak as more money flows into it.
Bitcoin has increased by 50% this year, with most of the rise occurring in recent weeks as investments into US-listed Bitcoin funds have gone up.
Bitcoin Price Today
The Bitcoin price today reached $68,500 during Asian hours, reaching a session high of $68,828, just a little bit less than its all-time peak of $68,999.99, which was seen in November 2021.
Earlier this year, spot bitcoin exchange-traded funds were approved in the United States, which caused new investors to join. This approval also caused a lot of enthusiasm in investors, similar to that in 2021.
Kyle Rodda, senior markets analyst at Capital.com, recently talked about investors’ growing obsession with cryptocurrency and said that it is crypto mania 4.0. He added that he thinks if there is continued low bond and rate volatility, the price of the bitcoin and obsession could keep going.
Kyle said that something of an irrational behavior is creeping into the market.
According to the data published by BlackRock’s shares Bitcoin Trust, it has been reported that the ten largest US spot bitcoin funds have been having net flows into them, which has reached $2.17 billion in the week to March 1.
Tony Sycamore, an IG market analyst, talked about the increasing Bitcoin price today and said that the desire to invest in Bitcoin is reaching extreme levels.
He added that Bitcoin is currently overbought in the short term, but the price will continue to go up. He said that any drops will likely find support, with a potential value of the Bitcoin going towards.
The Bitcoin rally has come at the same time as the amazing performances on stock indexes done by companies like Japan’s Nikkei, the S&P 500, and Nasdaq.
It was also noted that the volatility measures for stocks and foreign exchange markets decreased during this period.
The rise in the price of cryptocurrency is not just limited to Bitcoin. Ether, a smaller competitor than Bitcoin, has also seen an increase in its value, and there are rumors that it might also get exchange-traded funds, leading to more investment.
It has been reported that Ether has risen by over 50% this year and is currently priced at $3,649.
According to a regulatory finding published on Monday, the U.S. Securities and Exchange Commission delayed its decision on BlackRock’s request for an Ethereum exchange-traded fund.
On Monday, Tether, a crypto company, announced that the total value of its dollar-pegged stablecoins has exceeded $100 billion as the company issues stablecoins with a fixed value of $1 each.
History of the Largest Cryptocurrency, Bitcoin
Developed by Nakamoto, the largest cryptocurrency, Bitcoin’s supply was limited from the start, with a maximum of 21 million coins allowed.
As of Nov. 12, 2023, there were 19.53 million Bitcoins, leaving 1.46 million yet to be mined. The rewards for mining each block are halved regularly, meaning it is supposed to take until 2140 to reach the 21 million cap.
After Nakamoto introduced Bitcoin in 2009, he mined around 1.1 million Bitcoins, but he vanished in 2010. He left the work to Gavin Andresen, also known as Gavin Bell, who aimed to fulfill the decentralized vision of Bitcoin.
This meant no central authority, server, storage, or administrator; all parties were peer-to-peer, and the blockchain was shared among all users. After introducing this change, there was a drop in the price as things were not clear.
Issues started rising when GHash.io, a cryptocurrency mining pool, got over 51% of Bitcoin’s hashing power. This was an important matter of concern for Bitcoin as its principle was to prevent power concentration.
As GHash increased its power, there was a risk of double-spending coins and excluding other miners from rewards. Thankfully, the Bitcoin industry took action to make sure that the power was distributed more evenly.
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