Bitcoin has exceeded $65,000 and is approaching its record: how much it can cost, according to experts

In the first half of the year Bitcoin quickly rose in price, by 50% compared to the end of the previous year and is targeting a new all-time high close to the $69,000 level it reached in November 2021.

This Monday it will rise to US$65,550 at 10:30 am. This means that the digital currency had change 5.4% in the last 24 hours. Thanks to its level of capitalization, this digital currency ranks first among the most popular, its turnover is estimated at $1.287 billion, which is twice the GDP of Argentina.

Main cryptocurrency close to the all-time high at the close of the session which reached November 9, 2021 when Its cost was $67,729. The next day, it registered the highest price in its history during intraday trading at $68,991.85.

The driving force behind the bullish move remains the recent approval of the Bitcoin Cash ETF, funds that continue to acquire the cryptocurrency in significant quantities. Since their launch, Bitcoin spot ETFs have accumulated assets representing more than 3% of all Bitcoin in existence today. Therefore, the analyst expects the current trend to continue and stated that it is possible that reach a new high

historical.

Report Coindesk He assured that “futures market signals indicate that another increase may occur. Open interest, or the number of outstanding futures bets, hit a record high of $27 billion, the agency said. coin glass. An increase in interest is a sign of new money entering the market.”

Coindesk highlighted that “market capitalization also reached a record high of $2.8 trillion, surpassing the $2.7 trillion level set in November 2021, according to data from multiple sources. More than $60 million of short positions, or bets against rising Bitcoin prices, were liquidated in the last 24 hours, likely contributing to the rise in prices by covering losing positions.

Some traders expect “Bitcoin to reach its all-time high of $69,000 in March, and say institutional demand and the initial success of spot Bitcoin exchange-traded funds (ETFs) are likely to drive prices.”

“With 54 days left until the Bitcoin halving and the expectation that the Fed will cut interest rates mid-year, prices have support at $50,000 and could fluctuate, reaching an all-time high in March,” he explained. Ryan Lee, Principal Analyst at Bitget Research. “Trading volume of nine US Bitcoin ETFs also hit a new high of $3.2 billion last week, indicating strong institutional bullish sentiment,” he added.

Bitcoin was the first cryptocurrency released to the market. Made Satoshi Nakamoto In 2008, this digital currency promoted a libertarian ideal and sought to bring traditional monetary institutions under control following the global financial crisis that occurred that year.

Bitcoin (BTC) uses cryptography to ensure that its operations are not regulated by any banking institution or authority, which in turn has placed the currency at the center of debates about its volatility as, without requiring third parties, it has been accused of facilitating illegal activities such as fraud.

Despite the skepticism, there are those who have opted for Bitcoin: El Salvador became the first country to accept the cryptocurrency as a legal currency on June 9, 2021, and Prosperous Honduras, a special autonomous zone in Central America, has also done the same.

Cryptocurrencies are no longer foreign elements and have begun to permeate everyday language, sparking interest among those concerned about finances or even reaching the point of legalization in some regions of the globe.

As the name suggests, virtual currencies use cryptographic or encryption techniques to carry out transactions in a deregulated system and, in most cases, through blockchains, which distinguishes them from traditional models in which banks act as intermediaries.

Its innovations have made many people interested in investing in digital currencies as their value has risen significantly in recent years, with Bitcoin, Ethereum and Dogecoin being the most popular and having the highest market capitalization.

Each of these units is created through a process called “mining” and users can purchase them through various agents or digital currency exchanges and then store them in “crypto wallets” or make various transactions with them using unique keys.

Although Bitcoin entered the market in 2009 as the world’s first cryptocurrency, the truth is that they are just experiencing a boom in the financial sector, so their usage is expected to increase in the near future.

Cryptocurrencies have various elements that make them unique: they are not regulated by any institution; not requiring intermediaries in transactions; and almost always use accounting blocks (blockchain) to prevent the illegal creation of new cryptocurrencies or modification of already completed transactions.

However, due to the lack of regulatory authorities such as a central bank or similar organizations, they are accused of being unreliable, unstable, facilitating fraud, and lacking a legal framework that supports their users, allowing illegal activities, among other things.

While this may be counterintuitive, at the same time, cryptocurrencies guarantee their miners security regarding the network they are located on (the network) and what control of the code implies; It is possible to break this security, but it is not easy to achieve, since anyone attempting to do so would have to have more computing power than even what they possess. Google.

Anyone who invests in this type of digital asset must clearly understand that this form carries a high risk to capital, since although there may be an increase, it can also crash unexpectedly and wipe out the savings of its users.

To store them, users must have a digital wallet or wallet, it is actually software that allows you to save, send and transact with cryptocurrencies. In reality, this type of wallet only stores the keys that denote a person’s ownership of a particular cryptocurrency, so it is these codes that really need to be protected.