© Reuters. Bitcoin rally continues: price rises above $60,000 for the first time since November 2021
The price of bitcoin surpassed the $60,000 mark during the US session on Wednesday, the first time it has surpassed that level since November 2021.
There has been a strong rally in the cryptocurrency this week, driven by strong inflows into US-based ETFs, which has been noted by several analysts.
As of 10:34 a.m. ET, bitcoin is up more than 7% to $61,170. So far this week, the leading cryptocurrency is up 17%, adding to its gain of more than 44% so far in 2024.
In the last 12 months, BTC is up 160%. Traders have flocked to the cryptocurrency ahead of the halving event expected in April. The rally hasn't been limited to BTC, however, with analysts noting this week that its digital asset portfolio is outperforming for the first time.
“We believe this is quite significant as a signal to understand that the cryptocurrency bull market is broadening,” Bernstein wrote in a research note.
