Bitcoin, on Monday, rose to a two-year high, exceeding the level of 65 thousand dollars.
The price of the most widespread cryptocurrency, reached the highest level of the session at the level of 65.537 dollars in Europe, having already reached a two-year high in Asian trading, according to Reuters.
And in November 2021, bitcoin reached a record high of 68,999 dollars
This year, the largest cryptocurrency by market capitalization has risen by 50%, and most of the rises have come in the past few weeks, supported by rising inflows to US-listed bitcoin funds.
Earlier this year, bitcoin funds received approval for trading on the stock exchange in the United States, which opened the way for new large investors and ignited enthusiasm and momentum for these currencies.
“The flows are inexhaustible, as investors are feeling more confident that prices are apparently rising,”said Marcus Thielen, head of research at cryptocurrency analytics firm 10 x research in Singapore.
Net inflows to the 10 largest bitcoin instant funds in the United States amounted to 2.17 billion dollars in the week ending March first, with more than half of that amount going to one of BlackRock’s funds, according to LSEG data.
Smaller rival “Ethereum ” has benefited from speculation that it may also have exchange-traded funds.
“Ethereum” has risen by 50% since the beginning of 2024 until Monday, and was trading at its highest levels in two years, an increase of 2.6% during the day at 3518 dollars.
Brent Donnelly, trader and president at the analysis firm Spectra markets, said: “in a world where the Nasdaq is making new all-time highs, cryptocurrencies will perform well, and added that we are back to a 2021-style market where everything is rising and everyone is having fun.”
Source: Bloomberg
