The cryptocurrency market continued with its bullish trend on Monday, with the market capitalization gaining 4 percent to reach $2.54 trillion.
The price of bitcoin rose to start the week, edging closer to its all-time high after the rally took a breather over the weekend. As of 1255 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, went up to $65,017 with an increase of 4.5 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.277 trillion with this increase. Bitcoin has been 27.2 percent up in the past seven days.
Investors have been extra eager to see bitcoin approach its all-time high. At $65,000 it’s sitting about 6% off its November 2021 intraday record of $68,982.20. Some analysts have suggested that while it could keep rising in the short term, Bitcoin may cool in the next few weeks, as unrealized profit margins approach extreme levels. Bitcoin’s realized price is sitting at just about $42,700, according to CryptoQuant. Nevertheless, long-term investors are confident that the combination of increasing demand for bitcoin through the new US exchange-traded funds and a tighter supply expected after the April halving event will push the price of bitcoin to a new all-time high.