Bitcoin is once again on the ascendency, rising more than 20 per cent over the last week to take it close to its all-time high.
Reaching above $63,000 on Thursday, the world’s leading cryptocurrency is now less than $6,000 away from the record price it hit in November 2021.
Other leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) have also experienced huge gains in recent days, pushing the overall crypto market cap above $2.3 trillion.
Some market analysts predict that a new record high for the world’s leading cryptocurrency is imminent, while others warn that a significant correction may follow the latest price surge.
You can follow all the latest news, analysis and expert price predictions in our live coverage of the crypto market below.
Bitcoin price live: Cryptocurrencies in ‘price discovery'
19:58 , Anthony Cuthbertson
Amid the positivity currently surrounding the crypto market, some industry figures have warned that a price correction may be on its way.
Nik Akinshin, head of financial planning analysis at the online bank Keytom, believes a price drop is “imminent”, though still thinks there may still be legs in this rally. Akinshin puts his prediction for bitcoin’s price peak at $80,000. Here’s everything he had to say to The Indepedent:
The duo of bitcoin and Ethereum are in price discovery at this time and while a correction is imminent in the short term, the exact timeline is hard to determine. Having breached the $61,000 price mark, bitcoin’s buyers may not stop until the price retests its ATH above $69,000. While the upcoming economic data might skew sentiment if the outlook is bad, that more than 98 per cent of bitcoin addresses are in profit places no immediate selling pressure on the coin. Similar sentiment holds for Ethereum considering the strong correlation between both assets.
As the current market trend shows, bitcoin ETFs are arguably the primary driver of the current rally in the price of BTC. In my assessment, I believe the impact of these new assets are not fully priced in yet as further cash inflow will lead to more supply crunch that will further drive price growth. The rate of bitcoin purchase is already higher than supply and with the halving set to compound this crunch, the ongoing rally may not abate until the fourth quarter even despite occasional corrections. By year’s end, I anticipate a peak of $80,000 for this leading cryptocurrency.
Nik Akinshin, head of financial planning analysis at online bank Keytom
Bitcoin price live: Crypto market surges 4%
15:41 , Anthony Cuthbertson
With bitcoin on a roll, several other leading cryptocurrencies are following suit. The combined market cap of all cryptocurrencies listed on CoinMarketCap is now above $2.3 trillion, up 4 per cent over the last 24 hours. As recently as September, it was at $1 trillion.
All of the top 10 most valuable cryptocurrencies are up over the last week, with dogecoin leading the charge with gains of more than 50 per cent. Here’s a snapshot of the crypto market right now, courtesy of CoinMarketCap:
Bitcoin price live: Crypto close to overtaking silver
13:06 , Anthony Cuthbertson
Bitcoin’s recent price rally has seen its market cap rise above $1.23 trillion, putting it on par with Facebook owner Meta, and close to overtaking silver.
The cryptocurrency’s finite supply has often drawn comparisons to gold, with some claiming it can serve as an alternative safe-haven asset in times of economic uncertainty. The most ambitious price predictions therefore stretch to beyond half a million dollars, which would match gold’s market cap of $13.7 trillion.
One key differentiator between the two assets, however, is bitcoin’s volatility. Until that smooths out, it is unlikely bitcoin will be considered as a store of value by non crypto advocates.
Bitcoin price live: Positive predictions ahead of halving
11:41 , Anthony Cuthbertson
Another reason for such a buoyant market at the moment is the impending bitcoin halving, which will see the rewards for mining the cryptocurrency slashed in half.
Taking place roughly every four years, the bitcoin halving has been used by some crypto analysts to explain the quadrennial price cycles that the cryptocurrency hasd experienced over its 15 year history. One of the most vocal proponents of this theory is the pseudonymous dutch analyst PlanB, who has gained millions of followers in recent years for his Stock-to-Flow (S2F) model.
✅$55k .. S2F is back .. like clockwork!
Now let's break S2F model on the upside🚀
Read the original 2019 article to know what's next:https://t.co/n5P5uMCKHT pic.twitter.com/9Rmj6Jj375
— PlanB (@100trillionUSD) February 27, 2024
While his predictions can overly optimistic, some have pointed to the latest price rally as confirmation that bitcoin is following this trajectory. It’s worth noting that PlanB also warns that a ‘black swan’ event, like a global economic downturn or crypto exchange collapse, could derail his model.
You can find out more about bitcoin’s halving – which is set to take place on 19 April – in our explainer here:
What is the bitcoin ‘halving’ and will it trigger a new price record?
Bitcoin price live: what caused the cryptocurrency’s resurgence?
11:04 , Anthony Cuthbertson
Bitcoin is trading above $62,000 this morning, marking its highest price since November 2021. It is now less than $7,000 away from its all-time high, which it hit that month, before a sudden correction. So how did we get back here?
There are several reasons behind bitcoin’s recovery, including broader economic factors and an increase in ways for people to invest in the cryptocurrency. But one of the main drivers of the latest rally has been the first ever approval of a spot exchange-traded fund (ETF) in the US, bringing billions of dollars of institutional investment to the market.
“In contrast to past bull markets, there is little to no speculative fervour from retail investors,” said Alex Adelman, founder of the crypto app Lolli, told The Independent this week. “Instead, momentum is underpinned by a more mature and calculated approach to bitcoin with an understanding of its strength from the world’s biggest institutional players... Once bitcoin breaks its all-time high, we will see an additional wave of interest in bitcoin from retail investors.”
You can read more about it here:
Is bitcoin back? Price suddenly surges as investors flock to crypto
Hello and welcome...
10:36 , Anthony Cuthbertson
to The Independent’s live coverage of the crypto market. Bitcoin has shot up more than 20 per cent over the last week and is now within touching distance of its all-time high.
Ethereum (ETH), Solana (SOL), Cardano (ADA) and other major cryptocurrencies have also experienced considerable gains, though the biggest price jump has actually come from the meme-inspired token dogecoin, which is up more than 50 per cent over the last seven days.
To help explain why, and to look forward at what might come next, we’ll be bringing you all the latest news, analysis and expert price predictions throughout the day.
