Bitcoin surpasses $65,000 and is primed for a record jump ahead of halving

Bitcoin (BTC) crossed the $65,000 mark on Monday morning, edging closer to its record peak of $69,000, reached in November 2021, according to CoinDesk. In the past 24 hours, Bitcoin increased in value by more than 6%.

There has been a 54% increase in Bitcoin’s value this year, which represents a 154% rise since 2022. This is largely due to a strong influx of funds into Bitcoin-based Exchange-Traded Funds (ETFs) based in the United States, approved in January 2024. Trading volumes for these Bitcoin ETFs are now exceeding $3 billion per day.

Based on data from analytics company IntoTheBlock, over 97% of Bitcoin holders are now ‘in profit’. This is the highest level since November 2021 when Bitcoin reached its peak value. A holder is considered ‘in profit’ when the current market price of Bitcoin surpasses the average cost of acquisition, implying that the majority of holders purchased their Bitcoins at rates lower than the current cryptocurrency price.

Euphoric movements in the cryptocurrency market, purchasing demand from institutional investors, and the anticipated traditional price increase linked to ‘halving’ (a reduction by half of the mining block reward) due in April may propel Bitcoin’s value above its record peak of $69,000 as early as March, according to cryptocurrency market traders who spoke earlier with CoinDesk.

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