(ConservativeSense.com) – For the first time since 2021, Bitcoin broke $64,000 as a wave of investment pushed the cryptocurrency toward its previous record highs.
On Monday, March 4, Bitcoin reached $64,000, and the news sparked excitement as the number one cryptocurrency nears its record high set back in November 2021, which was $68,999.99 per coin. On Tuesday, that excitement pushed it even higher and Bitcoin rose to $68,000 and then dipped back down.
Bitcoin, the most prominent cryptocurrency, has seen a 50% increase in market value in 2024 so far, most of which happened over the last couple of weeks, during which trading volume surged in the US. In January, spot bitcoin exchange-traded funds (ETF) were approved in America, opening new pathways for new investors. ETFs sparked a renewed enthusiasm for cryptocurrency, reviving the excitement of the 2021 boom among investors, hobbyists, and gamblers.
The head of 10x Research, Markus Thielen, said that “the flows are not drying up” because “investors feel more confident,” driving prices.
In a sense, Bitcoin drives the crypto market in general. Every time it booms, many of the other notable coins also see a surge. The second most popular cryptocurrency, Ethereum, pumped back up to $3,600 a coin on Monday, about a grand shy of its record set in November 2021, which was $4,686. Like Bitcoin, some analysts are predicting a new all-time high this year.
Brent Donnelly of the analyst firm Spectra Markets said “a 2021-style market” has returned in which “everything goes up, and everyone is having fun.”
Tied to the success of crypto is the non-fungible token (NFT) market, which also saw a massive boom in 2021 with the success of such notable digital assets as the Bored Ape Yacht Club. Although the bust resulted in substantial losses among those who gambled their money into the new venture, many millionaires were also minted overnight after selling their digital cartoon apes at the peak.
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