According to CoinGecko statistics, the most popular cryptocurrency, Bitcoin, has risen past the $69,000 mark and reached an intraday high of $69,222 on the Bitstamp platform. This follows the recent formation of the bullish golden cross pattern on its daily chart.
Since October 21, when it reached a multi-month high of $67,487, the cryptocurrency has reached its greatest level.
Alongside the main cryptocurrency, the shares of significant firms associated to cryptocurrencies have also surged upward. The value of Coinbase (COIN) has increased by almost 3%. Top mining firms like Riot Platforms (RIOT) have positive stock prices as well.
CryptoQuant, a cryptocurrency analytics company, claims that miners are presently placing bets on a rise in the price of Bitcoin.
The cryptocurrency is already up by about 9% this month, despite a lacklustre start.
But as of right now, Bitcoin is still below the crucial $70,000 barrier level, which the bears have successfully defended several times.
Bitcoin to $3 million?
The chairman of VanEck’s digital assets division, Matthew Sigel, stated on Monday on CNBC that the price of Bitcoin would reach $3 million by 2050.
If Bitcoin is accepted by international central banks and utilised as a reserve asset in international commerce, this will be feasible.
Sigel relates the current surge in the price of Bitcoin to a resurgence in money growth.
Bitcoin’s dominance continues to grow
Bitcoin domination is already close to 60%, the greatest level since early 2021, according to U.Today.
This indicator is set to hit another multi-year high in the wake of Bitcoin’s most recent price surge.
