Bitcoin Surges Again Above $60,000 for the First Time Since 2021

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Bittime - Bitcoin (BTC) NewsToday revealed that global stock markets showed mixed movements on Thursday, with some major indices rising while others saw declines. In the midst of these conditions, Bitcoin (BTC) stole the attention with a significant price spike.

BTC price managed to breach the $60,000 level for the first time since November 2021, signaling an encouraging recovery for the well-known cryptocurrency. This increase came after a long bearish period, where BTC briefly fell below $30,000 in July 2023.

Factors Driving BTC Price Increase

• Increasing institutional interest: More and more institutional investors, such as MicroStrategy and Tesla, are starting to look at BTC as an investment asset. This drives an increase in demand and trading volume.
• Widespread adoption: The use of BTC in transactions and payments is becoming more widespread, such as El Salvador making it an official means of payment. This shows the potential for greater applications in the future.
• Positive sentiment: Positive news and developments in blockchain technology, such as the launch of Taproot, have contributed to investor optimism towards BTC.
• Linkage with Wrapped Bitcoin (WBTC): WBTC, the ERC-20 token that represents BTC on the Ethereum network, also experienced a price increase along with BTC. This shows that investor interest in BTC is not only limited to the Bitcoin blockchain, but also extends to other platforms.
• Rising inflation: Investors are looking for alternative assets to protect their wealth from inflation. Bitcoin is considered a good hedge asset because it is limited in quantity and not tied to government monetary policy.
• Global economic uncertainty: The war in Ukraine and other geopolitical tensions have increased global economic uncertainty. In situations like this, investors look for safe-haven assets like Bitcoin.

Also Read How to Buy Crypto:

Analysis and Risk

Although the current surge in BTC prices is a positive development, experts warn that the cryptocurrency market is still relatively volatile and significant price fluctuations can occur at any time. Investors are advised to always carry out in-depth research and analysis before making investment decisions.

Several risk factors to consider

• Regulation: A number of countries still do not have clear regulations regarding cryptocurrencies, creating uncertainty for investors.
• Security: Cyberattacks and fraud are still a threat to cryptocurrency investors.
• Competition: More and more new cryptocurrencies are being launched, thereby increasing competition in the market.

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The impact of Bitcoin's rise

• Increase in prices of other cryptocurrencies: Bitcoin's rise has a positive impact on other cryptocurrencies. Dogecoin ( DOGE ) and Solana ( SOL ) experienced significant price increases, each up 32%. This shows that Bitcoin is still the crypto market leader and can drive other altcoin prices higher.
• Growing interest in blockchain technology: Blockchain technology, on which Bitcoin is based, is increasingly attracting the attention of investors and companies. This could encourage the development of new blockchain applications in various sectors, such as finance, logistics and supply chain.

Bitcoin (BTC) Price Today

Source: Bittime

On February 29 2024, based on today's Bittime market, the price of BTC was observed to have increased by 5.88  % in the last 24 hours. Currently the price of BTC to IDR is IDR 986,386,063.

Conclusion

The surge in BTC prices this time shows the huge growth potential for cryptocurrencies. However, investors still need to be careful and consider the risks involved before investing.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.