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Bitcoin rally continues: Price climbs above $60k for the first time since November 2021

Published 02/28/2024, 11:46 PM
Updated 02/28/2024, 11:46 PM
© Reuters.

The price of bitcoin has pushed above the $60,000 mark during the US session on Wednesday, the first time it has risen above the level since November 2021.

There has been a strong rally in the cryptocurrency this week, driven by strong inflows into US-based ETFs, which has been noted by various analysts.

As of 10:34 am ET, bitcoin is up more than 7% at $61,170. So far this week, the premier cryptocurrency is up 17%, adding to its more than 44% gain so far in 2024.

In the past 12 months, BTC has climbed 160%. Traders have flocked to the cryptocurrency ahead of the halving event expected in April. However, the rally has not been limited to BTC, with analysts noting this week that their digital asset portfolio is outperforming Bitcoin for the first time.

"We believe this is quite significant as a signal to understand the crypto bull market is getting wider," wrote Bernstein in a research note.

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