Bitcoin has not yet peaked in its current cycle of appreciation and is probably going to surpass its all-time high this year.
Since then, the price of bitcoin has fluctuated between about $59,000 and $72,000, with its peak being over $73,700 in March.
The March record high was mostly fueled by the January approval and introduction of spot bitcoin exchange-traded funds, or ETFs, in the United States.
They have drawn net inflows of about $14.41 billion thus far. Without having to hold the underlying cryptocurrency, investors can purchase an ETF that tracks the price of bitcoin.
Advocates of cryptocurrency claim that this has aided in the asset class’s legitimacy and facilitated greater institutional investors’ involvement.
The term “cycle” used to describe the period of time that sees the price of bitcoin rise to a new all-time high before plunging once more into a bear market, or “crypto winter.” Three of these cycles have now concluded.
Source (CNBC)
