Bitcoin at $59,000: Will this crypto rally mark the repeat of Nov 2021?

livemint.com:

bitcoin hit $59,000 on Wednesday in the global crypto markets. And if the current rally continues, this would be maiden cryptocurrency's substantial monthly rally since Dec 2020. In just one day, bitcoin rose 4.4 per cent reaching 59,259, its highest level since Dec 2021.

At the same time, ether — another leading crypto — saw a 2.2 percent jump to $3,320 which is two-year high. Bitcoin mania is primarily being led by growing institutional demand and overwhelming response of bitcoin ETFs. And what is adding to the rally is the forthcoming bitcoin halving event.

The momentum built by institutional demand of bitcoin ETFs is being further strengthened by the upcoming bitcoin halving event scheduled in April 2024. Rajagopal Menon, VP of WazirX, lauds the phenomenon of bitcoin ETFs. “Starting with investor protection to tax compliance for better monitoring of asset movement, ETFs would provide all benefits of Bitcoin ownership rewards sans the additional custody aspect," he says.

Some industry spokespersons from Indian crypto ecosystem are so optimistic that they feel this rally could even surpass the previous one in Nov 2021 when bitcoin hit its highest ever level of $68,789. “We can expect BTC to touch the $100,000 mark by the end of 2024 if macroeconomic factors remain favourable. The latest Bitcoin bull run which is mainly fuelled by the supply pressure due to heavy inflows to the Bitcoin ETFs has taken the Bitcoin to an all-time high in India.