Yesterday afternoon, Bitcoin surged 6% to over $67,500, reaching its highest since November 2021. Now just 2% below its all-time high of nearly $69,000, the recent 50% rally suggests this target was likely within reach for the ever-volatile cryptocurrency. For reference, Bitcoin began the year on a solid note, hovering around $46,000, according to Coindesk.
Two factors fuel Bitcoin’s rise: anticipation of a ‘halving’ event, which historically reduces supply and increases prices, and a general uptrend in stock markets. Bitcoin’s market cap reached $1.29 trillion on Monday, tripling from its $320 billion value at the end of 2022’s crypto winter, according to CoinGecko.
