Bitcoin's renewed euphoria as price keeps rising
Bitcoin is forecast to keep on rising after hitting fresh two-year highs above $50,000 on Thursday, leaving analysts to wonder whether investors have moved on from recent cryptocurrency setbacks, including scandals.
The world's biggest cryptocurrency reached $52,749, a high since December 2021. Its market capitalisation also went back above $1 trillion this week, according to cryptocurrency data platform CoinGecko.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitBitcoin's price has soared by more than 20 percent this month and more than tripled since January last year.
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While it has yet to return to near its historic record of November 2021, at nearly $69,000, the cryptocurrency has largely recovered since a price collapse at the end of 2022.
Bankruptcies of several sector giants, especially the cryptocurrency exchange platform FTX, previously undermined investor confidence and caused bitcoin's price to collapse over a year ago.
Its recovery comes largely thanks to US regulators allowing the creation of exchange-traded funds (ETFs) that track bitcoin's price and let the public invest in the digital currency without directly purchasing it.
Once the greenlight was given, making investing in bitcoin more widely available, its value dropped on profit-taking.
But
