look news india
Mumbai: Bitcoin price crossed $57,000 for the first time since December 2021 due to strong demand for Bitcoin exchange traded funds (ETFs). In the last twenty-four hours, the price of Bitcoin has increased by more than $6000.
The lowest price seen in the last 24 hours was $50948. The price of Ethereum, the second-largest cryptocurrency by market cap, has also reached its highest level since April 2022, behind Bitcoin. Ethereum crossed the $3200 level.
A report that enterprise software company MicroStrategy bought another 3,000 Bitcoins also boosted market sentiment.
After reaching $57,039 in the last twenty-four hours, Bitcoin slipped below $56,000 late in the evening. Profit booking took place at the upper level. As a result of the surge in Bitcoin, the market cap of the cryptocurrency exceeded $2.20 trillion.
After being under continuous pressure in 2023, Bitcoin is going to see a big rise in 2024. Market sources said big Bitcoin players have been buying following the approval of the ETF earlier this year. The price of Bitcoin reached an all-time high of $69,000 in November, 2021.
Bitcoin has also been a source of attraction for players due to its large price fluctuations. Bitcoin ETFs are also expected to gain widespread investor acceptance.
Bitcoin has become the second largest ETF commodity in the US after silver. Bitcoin has seen a 33 percent rise so far in 2024 due to a huge increase in demand following the launch of the ETF.
Bitcoin ETF has seen investments of $5.60 billion so far.