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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.
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Bitcoin price live: Cryptocurrencies in ‘price discovery'
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:
Anthony Cuthbertson29 February 2024 19:58
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Bitcoin price live: Crypto market surges 4%
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:
Anthony Cuthbertson29 February 2024 15:41
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Bitcoin price live: Crypto close to overtaking silver
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.
Anthony Cuthbertson29 February 2024 13:06
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Bitcoin price live: Positive predictions ahead of halving
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.
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?
Price cycles and prediction models have been pegged to quadrennial event
Anthony Cuthbertson29 February 2024 11:41
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Bitcoin price live: what caused the cryptocurrency’s resurgence?
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
Crypto experts explain what’s driving the latest rally and why we may be entering a a ‘new era for bitcoin’
Anthony Cuthbertson29 February 2024 11:04
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Hello and welcome...
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.
Bitcoin has attracted the attention of retail and institutional investors, increasing demand fueled by increased media coverage, investing "experts," and business owners touting the value a bitcoin has and will have.
As of 2024, Bitcoin's highest price ever recorded is $73,844. However, the price has retreated pretty quickly due to the anticipation of Bitcoin halving (which happened on April 20, 2024) and several other factors. You can find the current Bitcoin price on the BitDegree crypto tracker.
Crypto prices rose at the beginning of the month after President Trump nominated crypto-friendly Senator J.D. Vance (R-Ohio) as his vice-presidential running mate. Meanwhile, bitcoin miners are being tapped to power AI.
To be exact, a Bitcoin investor who purchased $10,000 worth of Bitcoin in 2010 would have earned $201.56 mln. In contrast, an investor who purchased $10,000 worth of gold in 2010 would have experienced a negative return of $9,981.
If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.
Conclusion. In the dynamic landscape of cryptocurrency, these ten coins, including TRON, Shiba Inu, Astar, Kaspa, Dogecoin, Stellar, Kava, Polygon, Cronos, and VeChain, present diverse potentials for reaching the $1 milestone in 2024. Investors keen on penny cryptos have a spectrum of options to explore.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Bitcoin has been the subject of many price predictions, some of them extreme. Notably, Cathie Wood, CEO of Ark Invest, predicted that bitcoin could reach an astounding $1.48 million by 2030. Obviously, the world's oldest cryptocurrency has come a long way since its first recorded price of less than a cent.
Daily price chart technicals show BTC's price jumped after testing its 50-day exponential moving average (50-day EMA; the red wave) as support. This wave support has capped BTC's downside attempts multiple times in recent history.
Most cryptocurrency exchanges charge between 0% and 1.5% per trade, depending on whether you're a maker (buyer) or taker (seller). That means that if you've dedicated $1,000 to invest in crypto, the fee you'll pay for that transaction, on average, could be anywhere from $0 to $15.
Because Bitcoin is so powerful and has so much potential, Bitcoin's projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin's long term value could reach over $100,000 to as much as one million dollars per BTC in the future.
In 2017, a legend emerged in the cryptocurrency circle. It was that a man named Didi Taihuttu from the Netherlands, along with his wife and three children, liquidated all his family property and exchanged it all for Bitcoin.
The journey to the record high in March was largely driven by the approval and launch of the spot bitcoin exchange-traded funds, or ETFs, in the U.S. in January. They have attracted net inflows to date of around $14.41 billion to date, according to CCData, market data provider focused on digital assets.
Because Bitcoin is not backed by anything fundamental such as the cash flow of an underlying business, its price is driven finally only by changes in sentiment – nothing else. So for the price of Bitcoin to rise, more traders and more money have to flow to the asset.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Introduction: My name is Aracelis Kilback, I am a nice, gentle, agreeable, joyous, attractive, combative, gifted person who loves writing and wants to share my knowledge and understanding with you.
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