-->The bitcoin price has shot up to $71,500 on the Bitstamp chart. It is the highest point ever for the cryptocurrency. All wallets are in the green, bitcoin is now exploring unknown historical territory.

Bitcoin all-time high

BTC strings together one record after another. Exchange traded funds (ETFs), bitcoin funds with physical bitcoins as the underlying asset, appear to be an important driver.

Parties such as BlackRock and Fidelity must use bitcoin to issue new shares for those funds. In addition, there is an important group, the long-term holders (hodlers) who are not yet going to sell at these current prices. They simply continue to save periodically, an important underlying factor for the price and which causes the bottom of bitcoin to become higher and higher, according to on-chain analysts. Speculation is also increasing that, in addition to MicroStrategy, the next listed company will put bitcoins on its balance sheet. These rumors fuel the ‘fear of missing out’, a strong emotion among investors to miss the boat. That drives up demand. In about 6 weeks, the halaving will also take place, the reward for bitcoin miners will be halved, which amounts to 450 bitcoins mined per day compared to the 900 now.

At the time of writing, the price is rising further. According to Willy Woo, the market is showing more and more signs of a bull market and ‘we’ have now really shaken off the bear that started with the FTX drama.

In a later tweet today he goes into even more detail about the matter.

Always take significant corrections into account, bitcoin is a very volatile beast. The coin can correct 60% to 80% in a bear market. It is striking that the corrections in the current bear market are lower in percentage terms than in the period 2018-2021.

Ether above $4,000

Ethereum also writes a price of above $4,000 on the boards.

Source: https://bitcoinmagazine.nl/nieuws/bitcoin-schiet-naar-71-500-een-nieuw-record

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