Bitcoin (BTC) has skyrocketed above $61,500 for the first time in history, allowing the digital currency to register a price increase of almost 8% in the last 24 hours. Other digital currencies are also following Bitcoin, including Ethereum (ETH), Litecoin (LTC) and Chainlink (LINK).
Bitcoin Registers New All-Time High
Bitcoin continues attracting new investors and moving higher. In the last 24 hours alone, Bitcoin registered a price increase of over 7%. In this way, in the last 7 days alone, the virtual currency allowed investors to earn 23% on their BTC purchase.
The interesting thing is related to how a year after the massive price crash experienced on March 13, 2020, Bitcoin was able to multiply its price 15 times. This shows the digital currency is ready to attract new investors and users from all over the world.
The entire cryptocurrency market has been moving higher in recent hours. Most of the top 100 digital assets are registering gains and BTC and ETH continue to be the leaders. Ethereum moved higher by 7% as well. Litecoin, instead, grew by around 3% during the same period of time.
In this way, Ethereum surpassed $1,900 and could eventually reach $2,000 if the market continues growing in the coming hours. It would be definitely important for the price of ETH to remain above $1,900. This would show the market has created a strong support zone at these levels.
Instead, Bitcoin should also show it is able to remain above $60,000. As the $47,000 region became a strong support level for BTC, it would also be interesting to see how the $60,000 level plays out for the largest cryptocurrency.
It is worth mentioning that the number of companies investing in BTC has been growing in the last months. Furthermore, large financial institutions are releasing a larger number of BTC predictions and reports. This shows there is a large interest not only from retail investors but also from traditional financial companies.
The main question remains: how long would the current bull run last in the crypto market? There is no clear answer to it. However, some charts show we could be entering the last stages of the current bull run. Although it is not possible to predict the top or how long it would take for the market to arrive there, one thing is clear, it will happen and we need to be prepared for it.