Last updated on May 18th, 2024 at 12:31 pm
Bitcoin, the largest cryptocurrency in the world, has continued its rally this week, crossing the $65k mark on March 4 for the first time since November 2021. Investors now shift their focus to the all-time-high mark of $69k.
In an exciting development, Bitcoin has reached a new-year high after surpassing the $65,000 mark for the first time in 2 years. The bullish sentiment continues across the market as reflected in today’s crypto fear & greed index point of 82.
Source: Alternative
Bitcoin leads the global crypto market
According to data from CoinMarketCap, the value of BTC has grown by 5% in the last 24 hours and by 27% over the last week. Its trading volume has surged by 103% in the last day, resting at $44.5 billion.
Ethereum (ETH), the second-largest cryptocurrency, also saw significant progress, jumping above the $3,500 mark. At $3,520, ETH is testing a multi-year high. The token reached this level in January 2022, more than two years ago.
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Other cryptocurrencies in the top 10 list have also benefited from the rally. Cardano (ADA) and Dogecoin (DOGE) are among the top gainers on the list, surging by 7% and 13% respectively. Also, Solana (SOL) and XRP have grown by 4% and 5% in the last 24 hours.
Consequently, the global crypto market cap has reached 2.43 trillion, representing a 3.86% increase over the last day.
Will Bitcoin (BTC) reach $69k in 2024?
Amid the bull run, the crypto community now set their target towards $69,000, the all-time high reached during the last bull market in 2021. Top crypto analysts have predicted a break out of this level in 2024.
The euphoric atmosphere, institutional buying interest, and past profits associated with the Bitcoin halving event are positioning the digital asset to surpass its all-time high of $69,000 in March.
PlanB, a cryptocurrency analyst, has earlier forecasted that the 2023–2024 bull run for Bitcoin will surpass $100,000. In the past, he has accurately forecasted August, September, and October cryptocurrency quotes. The stock-to-flow (S2F) model, which is well-known for being used by the analyst also predicts that the price of Bitcoin will reach $1 million after 2024.
According to Coinstats data, Bitcoin is currently trading at $65,140.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.