Could it happen this week? The price of Bitcoin (BTC) is up sharply on Tuesday, approaching its record high reached less than a month ago. A look back at a particularly favorable context for the largest cryptocurrency.
Bitcoin approaches its all-time high
About 20 days ago, the largest cryptocurrency reached an unprecedented threshold: $111,800. And while Bitcoin’s price has been somewhat stagnant since then, it seems determined to break its all-time high once again.
A few hours ago, the price of BTC hit the $110,500 mark after a clear run in the green:
BTC’s market capitalization reached $2.17 trillion this morning. Over the last 24 hours, it has risen by 3.6%. The breakthrough is widespread: Ethereum’s ETH rose by 7.3% over the same period.
A particularly favorable context
This optimism seems to be based on several factors. On the one hand, there are discussions between the United States and China, which are trying to resolve their trade dispute. Although the talks are “difficult” according to Donald Trump, they offer a glimpse of relief for the global economy.
We can also cite recent statements by the new SEC chairman, Paul Atkins, who is positioning himself for a future that is resolutely favorable to innovation in the field of digital assets.
Finally, we note that companies continue to accumulate Bitcoin and announce cash holdings in cryptocurrencies. Strategy continues to accumulate, while newcomers such as GameStop are also rushing to buy BTC.
All of this is therefore combining to drive up the price of Bitcoin, which could soon exceed $111,800 and sail towards new records. How high will it go? That is the question. Some are optimistic, such as BitMEX founder Arthur Hayes, who envisions BTC reaching $250,000 by the end of the year.
