Bitcoin, the biggest cryptocurrency, has surged over 45% in value so far this year, reaching over $60,000 for the first time in over two years.
The rise is fueled by growing optimism that the demand for Bitcoin is expanding beyond dedicated digital asset enthusiasts.
This surge is also attributed to the successful launch of US exchange-traded funds holding Bitcoin, which have attracted over $6 billion since trading began on Jan. 11.
The upcoming halving of Bitcoin’s supply growth is contributing to positive sentiments, fueling a rally that has also increased interest in other digital tokens like Ether and Dogecoin.
Despite concerns of a potential supply squeeze due to the massive inflows into Bitcoin ETFs, advocates see room for further price increases if demand remains strong.
However, some analysts caution that the rapid rise in Bitcoin’s price could leave investors vulnerable to the volatile nature of crypto markets, potentially leading to sharp corrections in the future.
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