Bitcoin shoots up to April 2021 levels by exceeding US$59,000

Bitcoin, the most used cryptocurrency, is skyrocketing this Wednesday and is already at April 2021 levels, exceeding US$59,000, after surpassing US$57,100 yesterday, Tuesday.

At 11:30 GMT, bitcoin stands at US$59,400 after rising 4.05% and so far this year 40.04%, reaching US$59,492 at 9:00.

Since last January 23, when it fell to US$38,500, the price of the cryptocurrency has already advanced 54.28%.

According to analyst Simon Peters, a cryptoasset expert at the eToro investment platform, bitcoin has remained above US$57,000 since last Monday, which was the highest price since December 2021.

However, today it has gained strength again and exceeds US$59,000, reaching the levels of April 11, 2021, the day on which it stood at US$59,670, according to market data.

Peters has highlighted that the driving force behind the movement remains the recent approval of bitcoin cash ETFs, vehicles that continue to acquire the cryptocurrency in significant quantities.

Since their launch, bitcoin spot ETFs have amassed holdings that represent more than 3% of all bitcoins in existence today.

Therefore, the analyst expects the current trend to continue and has advanced that it is possible that bitcoin will reach a new all-time high, exceeding US$69,000 in the coming weeks.

Likewise, he highlighted that currently 70% of all bitcoins in circulation have not moved in more than a year and the amount available for purchase on trading exchanges is at the lowest level since early 2018.