Loading… Loading…
Bitcoin BTC/USD surged past the $70,000 mark early Monday,reversing some recent minor lossesand setting a new all-time high. This signals a robust uptrend in the cryptocurrency market.
Ethereum Joins Rally:Alongside Bitcoin,EthereumETH/USD also experienced a significant increase, crossing the $4,000 mark. Crypto analyst Michal van de Poppe noted that the apex cryptocurrency reached a new all-time high of $71,300.
Factors Driving the Surge:According toCoinDesk, analysts at the LondonCryptoClub attribute the price surge to a combination of factors: London Stock Exchange Embraces Crypto:The London Stock Exchanges recent decision to accept applications for Bitcoin and Ether exchange-traded notes (ETNs) has boosted investor confidence. Institutional Investor Interest:The U.K.s Financial Conduct Authoritys move to open pathways for institutional investors to develop crypto asset-backed ETNs further fueled the rally.
Bitcoin Outperforms Stocks:This landmark ascent in Bitcoins value is noteworthy even amidst a downturn in Asian equity markets, likely driven by speculation of an interest rate increase by the Bank of Japan, as per reports.Loading… Loading…
Why It Matters:The surge in Bitcoins value is not an isolated event. Its the culmination of several trends shaping the cryptocurrency landscape, including the U.S. Securities and Exchange Commissions approval of spot Bitcoin-based ETFs.
Market intelligence platforms highlight that Bitcoin and Ethereumhave significantly outperformedthe S&P 500 this year, underlining the growing investor confidence and resilience of cryptocurrencies.
Cryptoanalysts remain bullish.Tom LeeofFundstrat Global Advisorspredicts an approximate 119% increase in Bitcoins price over the next 12-18 months, potentially pushing it beyond $150,000. Lees forecast hinges on the potential of spot ETFs and the anticipated impact of upcoming halving events, which have historically correlated with price increases.
Price Action: At the time of writing, Bitcoin was trading up 0.47% at $69184, while Ethereum was 0.69% higher at $3874, as of 6:52?a.m. ET.
Read Next: Bitcoin Rally Sparks Hope For Altcoins Revival Despite 72% Of Projects Dying Since 2020
Disclaimer: This content was partially produced with the help ofBenzinga Neuroand was reviewed and published by Benzinga editors.Loading… Loading…
