The cryptocurrency giant, Bitcoin, is on an upward trajectory, reaching a staggering $60,000 and inching closer to its all-time peak

Bitcoin, the pioneering cryptocurrency, is experiencing a remarkable surge in value, approaching a record-breaking high not seen since November 2021. As it celebrates its 15th anniversary, Bitcoin has seen its fair share of ups and downs, but the start of 2024 has marked a significant upward trend for the digital currency.

On Wednesday, 28 February, Bitcoin’s value momentarily hit $60,650, marking its first breach of the $60,000 threshold since November 2021. The current value of Bitcoin is tantalizingly close to its all-time high of $67,707, recorded on 9 November 2021, during the height of the pandemic when many turned to cryptocurrency as a pastime during lockdowns.

The resurgence of Bitcoin’s value is even more impressive considering its collapse in late 2022. The recent revival can be partly attributed to new financial products in the US that allow investors to track Bitcoin’s value without directly owning the cryptocurrency, known as exchange-traded funds (ETFs).

Since the beginning of 2024, Bitcoin has witnessed a remarkable 42 percent increase in value, with a 20 percent rise since Saturday, 24 February. Currently, Bitcoin is trading at around $59,270 in US currency, just a few thousand dollars shy of setting a new record.

However, potential investors should note that the number of Bitcoins entering the market is set to be halved in the coming months. Currently, around 900 Bitcoins are created daily, but this will soon be reduced to 450, potentially impacting the cryptocurrency’s value.

Simon Peters, a crypto analyst at eToro, commented on the recent price surge, attributing it to a consolidation period and a slowdown in Bitcoin purchases by spot ETFs compared to previous weeks.

In related news, James Howells from Newport, Wales, who famously lost a hard drive containing 8,000 Bitcoins (worth approximately $190 million) in 2013, is now turning to AI technology in a decade-long quest to recover his lost fortune.