Bitcoin Getss More Expensive Than $62,000
Bitcoin (BTC) briefly topped $62,000 during Asian trading amid a broader market rally, recouping losses from a sharp drop earlier in the week.
Bitcoin’s recovery has prompted some analysts to revise their forecasts for the asset to reach $100,000 by the end of 2024. Bitcoin’s rise has also been accompanied by the liquidation of $100 million in short positions on the cryptocurrency. Such liquidations were the fourth strongest blow to bearish bets on Bitcoin this year.
Some experts attribute Bitcoin’s recovery to the revival of global stock markets, as well as the approach of the traditional growth cycle of cryptocurrencies in the fall. “Regardless of what happens in the next 60 days, the bull market will continue to develop in accordance with the traditional four-year cycles with significant growth in October and November,” said Michael Terpin, founder of Transform Ventures.
Bitcoin’s rise also helped drive up the prices of other major tokens. Ethereum (ETH) and Toncoin (TON) rose 10%, while SOL and ADA rose 5%. The CoinDesk 20 Index (CD20), which tracks the largest tokens by market cap, rose 5.35%.
