Bitcoin has reached its highest level in over two years, driven by significant investments in cryptocurrency exchange-traded funds.
Recently, Bitcoin traded around 1% higher than Sunday at $63,804.50, having briefly touched $64,284.75.
This peak, the highest since November 2021, which was also the month it recorded its all-time high of $68,999.99.
As the most valuable cryptocurrency in terms of market capitalization, Bitcoin has seen a 50% increase this year. A substantial portion of this growth occurred in recent weeks, coinciding with a spike in trading volumes for U.S.-listed Bitcoin funds following their approval earlier in the year.
Matt Simpson, a senior market analyst at City Index, commented:
Looking at the Bitcoin futures chart, it appears to be a market losing momentum, struggling to reach the $69,000 mark at this time.
I’m not suggesting it’s a market to bet against, but I would exercise caution in making long investments at these high levels.
The Bitcoin price is $64,118.16, a change of 3.90% over the past 24 hours as of 8:02 a.m.
