Since the beginning of 2024, the price of bitcoin (BTC) has increased by about 45%. In the middle of this week, it climbed above $60,000 for the first time since November 2021.
On the night of Thursday, February 29, the BTC rate on the Bitstamp exchange is at $60,169. The cryptocurrency is recovering from a heavy drop the night before.
Bitcoin briefly approached $64,000 on Wednesday, but quickly went down due to traders’ move to take profits.
Nexo exchange co-founder Anthony Trenchev told CNBC that resistance will intensify as bitcoin approaches $69,000.
The breakout above $60,000 has fueled sentiment among investors. The expert believes that retail traders will be the main contributors to the pumping.
Recently, JPMorgan Bank reported the recovery of small investors’ interest in the cryptocurrency market.
Zach Pandl, head of research at Grayscale Investments, predicts a stronger demand for BTC after the halving.
Issuance will halve, eventually dropping the supply of cryptocurrency on exchanges, which will also push the price up.
Shares of cryptocurrency company Coinbase rose 3%.
Miner Marathon and software giant MicroStrategy rose 5% and 11%, respectively, at the end of trading on the U.S. stock market.