Bitcoin approaches $60,000 for first time since November 2021

Bitcoin rallied over 4.5% on Wednesday on track for the fifth straight profit in a row, scaling 27-month highs and almost surpassing the psychological level of $60 thousand for the first time since 2021. 

It comes amid expectations that bitcoin could go even farther and reach the record $69 thousand, amid strong investment demand from major corporations on the world’s top cryptocurrency, in addition to a fresh influx of cash into bitcoin exchange funds. 

Bitcoin Today

At Bitstamp, bitcoin rallied 4.5%, or $2521 to $59,547, the highest since November 2021, with a session-low at $56.724. 

At Tuesday’s close, bitcoin was up 4.75%, registering the fourth profit in a row after strong purchases by Microstrategy. 

The market value of cryptocurrencies rallied by over $85 billion today to $2.330 trillion, the highest since November 2021, as both bitcoin and ethereum clocked in massive gains.

Positive Outlook 

VL Max Group’s analysts now expect bitcoin to test its record highs, and potentially even break through them, especially amid increasing demand from mainstream investment sources. 

MicroStrategy’s Purchases 

MicroStrategy reported the purchase of 3000 new units of bitcoin on Monday, raising its holdings of the world’s top cryptocurrency to the equivalent of $10 billion.

Microstrategy is a programming company that’s prominent in the field of information technology, and it has taken a daring investment strategy by acquiring large amounts of bitcoin. 

The company’s decisions are in line with recent shifts in global markets, which saw increased investments in bitcoin to diversify wallets and protect cash against volatility. 

Bitcoin Exchange Funds  

Bitcoin’s Exchange funds received a fresh cash influx of $6 billion since starting official trading in the US on January 11.

Such massive numbers are an indication of the increasing appeal of the cryptocurrency, which continues to attract new investors outside of the usual crypto-trading type.