Bitcoin (BTC-USD) is a hot topic among crypto traders on Wednesday as the token managed to surpass the $60,000 price point for the first time in more than two years.
Crypto traders are celebrating this news today as it shows signs of improvement for BTC. It also has some investors wondering if the token can surpass its previous all-time high of $68,789 set back in November 2021.
Bitcoin breaking past $60,000 per token came alongside a 6.5% rally over the last 24 hours. This has the crypto trading for roughly $60,611.97 at the time of this writing. Trading volume during this same period was down 7.1% at about $50.59 billion.
Where Will the Price of Bitcoin Head Next?
Bitcoin is preparing for another halving event that’s set to take place in mid-2024. That’s worth keeping in mind as the token has historically increased in months leading up to and after this event.
That means investors in BTC may see further gains this year as that event approaches. When the halving takes place, it will reduce the reward for mining Bitcoin. That could result in a higher value for the token afterward as it becomes less worthwhile to mine crypto.
Crypto traders and investors looking for more of the latest market stories are going to want to stick around!
We’re offering insight into all of the biggest market happenings that traders need to know about on Wednesday! Among that is a bull argument for BTC following its price increase, a list of cryptos to consider investing in before they rally and other cryptos worth keeping an eye on ahead of Bitcoin’s halving. You can catch up on all of these matters by checking out the following links!
More Wednesday Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
