The price of Bitcoin (BTC) has risen by 61.8 percent since the beginning of 2024, according to price data from Coinmarketcap.
The digital currency started the year at $44,167 and has since risen to $71,481 as of March 13, 2024, marking an impressive start for the cryptocurrency.
Read also: Bitcoin reaches new all time high of $71,000
Since January, the price of digital assets has steadily soared. According to reports, this increase is partially due to the debut of bitcoin exchange-traded funds (ETFs).
The increase is also driven by optimism that the Federal Reserve will cut interest rates this year. BTC’s global market capitalisation has soared from $865 billion to $1.4 trillion.
This price increase for BTC has also had a ripple effect on the larger cryptocurrency market. The prices of other coins have also shown positive upward movement in recent months, as the heightened interest in Bitcoin has undoubtedly generated increased activity in the cryptocurrency space.
Experts believe that the end of the year could see the cryptocurrency touching $100,000.
Read also: Use of Bitcoin can hedge against inflation in Nigeria – Financial expert
“As bitcoin becomes more and more mainstream and integrated with traditional assets, it isn’t inconceivable that it could hit US$100,000 in 2024 – an extraordinary feat for a invention that was worth nothing as recently as 2009,” Andrew Urquhart, researcher at The Conversation, said.
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