Bitcoin (BTC) is ready to surpass $31,000 in several exchanges. The largest cryptocurrency in the world has been trading positively in recent weeks and the trend could continue in the near future. In the last 24 hours alone, the virtual currency surged by more than $1,000 from below $29,800 to almost $31,000.Â
Bitcoin (BTC) Ready to Surpass $31,000
Bitcoin is getting ready to surpass $31,000. According to data shared by CoinGecko, Bitcoin is currently being traded at around $30,920 per coin with a market capitalization that surpassed $600 billion in recent hours.Â
It is worth taking into consideration that this is the highest price since July 2023. If Bitcoin surpasses $31,800, then the digital currency will be at its highest point since May 2022. BTC has been growing higher since November 2022, when BTC reached a price per coin of $16,000.Â
There are multiple factors that could push the price of BTC higher in the coming months. One of these things is related to the halving event, which would reduce Bitcoin issuance per day by 50%. That means that miners will receive just 3.125 BTC per block (or just 450 BTC per day). The halving event is expected to take place in August next year.Â
Another thing that could drive the price of Bitcoin higher is related to the approval of the first Bitcoin spot exchange trading fund. While this is not yet confirmed, there is a large possibility for this to happen in the future.
