Bitcoin (BTC-USD), the leading cryptocurrency, has been the talk of the town among crypto enthusiasts as it recently crossed the $60,000 mark for the first time in over two years. This milestone has sparked a wave of optimism in the crypto market, with traders celebrating the upward trend of Bitcoin.
The question on many investors’ minds now is whether Bitcoin can break its previous record high of $68,789, which was set in November 2021.
The surge past $60,000 per Bitcoin was accompanied by a 6.5% rally in the last 24 hours, bringing the trading price to approximately $60,611.97 at the time of writing. However, it’s worth noting that the trading volume during this period saw a decrease of 7.1%, standing at around $50.59 billion.
“Bitcoin is preparing for another halving event that’s set to take place in mid-2024.”
This upcoming event is significant, as historically, the value of Bitcoin has increased in the months leading up to and following the halving. Therefore, investors in Bitcoin could potentially see further gains as we approach this event.
The halving event will reduce the reward for mining Bitcoin, which could subsequently increase the value of the token. As mining becomes less profitable, the scarcity of Bitcoin could drive its price up.
For those interested in the latest crypto market stories, there’s plenty more to explore.
“We’re offering insight into all of the biggest market happenings that traders need to know about on Wednesday!”
This includes a bullish argument for Bitcoin following its recent price surge, a list of other cryptocurrencies worth considering for investment before their potential rallies, and other cryptocurrencies to watch in anticipation of Bitcoin’s halving event.
To stay updated on these topics, be sure to check out the relevant links.
Please note that as of the date of publication, the author, William White, did not hold any direct or indirect positions in the securities mentioned in this article. The views expressed in this article are those of the author, in accordance with the InvestorPlace.com Publishing Guidelines.
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