Bitcoin Soars to Record High Above $71,000. Why the Next Target Is $100,000.
Bitcoin and other cryptocurrencies rose Monday, with the largest digital asset hitting a record high as investors continued to pile into spot Bitcoin exchange-traded funds and push crypto prices higher.
The price of Bitcoin has gained 3% over the past 24 hours to around $71,550, with the biggest crypto trading as high as $72,269, an all-time high, according to Dow Jones Market Data. Bitcoin last week broke its longstanding record level near $69,000—which had held since November 2021—and, despite some initial profit taking,…
and other cryptocurrencies rose Monday, with the largest digital asset hitting a record high as investors continued to pile into spot Bitcoin exchange-traded funds and push crypto prices higher.
The price of Bitcoin has gained 3% over the past 24 hours to around $71,550, with the biggest crypto trading as high as $72,269, an all-time high, according to Dow Jones Market Data. Bitcoin last week broke its longstanding record level near $69,000—which had held since November 2021—and, despite some initial profit taking, traders have continued to bid prices higher.
“After $70,000 is breached, the next natural target is $100,000,” said Samir Kerbage, the chief investment officer at crypto asset manager Hashdex.
Jubilation in the stock market—where the
and
indexes remain near record levels—and improved risk sentiment more broadly has helped crypto rally. But the key force driving prices higher has been new funds that hold crypto.
Bitcoin has gained some two thirds since the start of the year amid the anticipation and approval of the first spot Bitcoin ETFs in the U.S., which have ushered in a fresh wave of investor interest in digital assets.
BlackRock
’s
iShares Bitcoin ETF hit $10 billion in assets under management faster than any other ETF in history, with inflows into these funds having a direct impact on prices because the ETFs buy and hold tokens themselves, not just derivatives tracking prices.
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“Spot ETFs have fundamentally altered Bitcoin’s supply-demand dynamics and because they directly hold Bitcoin, significant buying pressure has emerged as massive investor inflows continue to exceed the current daily issuance rate,” said Kerbage.
Beyond Bitcoin,
—the second-largest crypto—rose 1% to above $4,000, crossing that milestone level for the first time since late 2021. Smaller tokens were also higher, with
and
both up 1%. Memecoins were more mixed, with
gaining 1% and
shedding 1%.
Write to Jack Denton at jack.denton@barrons.com
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