'The Bitcoin Bulls Are Back' As Cryptocurrency Rallies 12% To Fresh 2-Year High

The value of Bitcoin has been skyrocketing in recent times.

The value of Bitcoin is skyrocketing once more, reaching its peak since November 2021 due to various positive factors affecting the digital currency.

Marc P. Bernegger, who helped launch the cryptocurrency fund AltAlpha Digital, expressed his opinion through email that the Bitcoin bulls have returned. He mentioned that the upcoming Bitcoin Halving, along with the introduction of new Bitcoin ETFs, is attracting a significant amount of investment.

He uttered these words right after the cryptocurrency with the highest market value across the globe increased to $57.416.43 on CoinMarketCap.

According to further CoinMarketCap data, the virtual property had risen by about 12% in just under 24 hours.

Numerous different individuals who watch the market gave their opinions, discussing the many reasons that are making bitcoin prices go up.

According to Jacob Joseph, a research analyst at CCData, the recent movement in Bitcoin's price is following the same pattern we've seen since more money started flowing into the spot Bitcoin ETF than out of Grayscale. This highlights the importance of funds that offer exposure to cryptocurrencies in the digital asset markets. Joseph made this statement in an email.

The market was feeling optimistic, and this was fueled by some recent events such as the highest trading volume day for US spot Bitcoin ETFs and MicroStrategy purchasing 3,000 more BTC. These activities had a positive impact on the price of Bitcoin, bringing it closer to its highest level ever. The speaker referred to the transactions carried out by a software company where Michael Saylor, a well-known advocate of Bitcoin, holds a high position.

BitBull Capital's CEO, Joe DiPasquale, also gave his opinion on the matter, regarding cryptocurrencies.

According to his email, the approval of ETF and the impending halving event have caused big investors to buy Bitcoin. As a result, the demand for this cryptocurrency has reached unprecedented levels.

In addition to Microstrategy's report of buying more than $150 million worth of Bitcoin, there are rumors in the industry that other big investors are also purchasing the cryptocurrency. This information was shared by DiPasquale, who referred to comments made by other fund managers in the same field.

He concluded that there will be further expansion in Bitcoin and other significant crypto assets in the current year.

The leader of CryptoQuant's research, Julio Moreno, has pointed out that significant investors from the United States are a significant factor in the recent increase in the value of digital currency.

According to his statement on Telegram, we have observed the continuous acquisition of Bitcoin by major corporations (with a balance of over 1,000 Bitcoin) through On-chain analysis.

Moreover, an exceedingly high cost markup on the Coinbase platform indicates a greater desire from investors in the United States, noted Moreno.

Marouane Garcon, one of the developers of The Real-World Asset Exchange, which is a futures marketplace without an expiration date explained several factors that contributed to the increase in the value of bitcoin.

In his email comments, he pointed out several important factors, such as the potential approval of a location-based Bitcoin ETF and the recent announcement that Blackrock now has over $7 billion invested in BTC. These are just a few of the many things to consider.

"Have you noticed how South Korea and other nations have allowed the incorporation of spot and futures BTC ETFs? It's been quick in making headlines that RIAs are now presenting BTC ETFs as an investment choice to their clients," he further stated.

Garcon observed that although it is still early on, the story is evolving on a daily basis as evidenced by the updates in the financial news.

BTC mining is once again yielding profits and the upcoming halvening event is expected to boost the price of BTC, as has been observed in the past.

Just to let you know, I have a few cryptocurrencies in my possession, including bitcoin, bitcoin cash, litecoin, ether, EOS, and sol.