Bitcoin hits new all-time high in AUD
The leading cryptocurrency is close to breaking the $100,000 mark.
Bitcoin has set a new all-time high (ATH) in Australian dollars, surging to just over $98,000 earlier this morning.
It comes 27 months after Bitcoin last set a new ATH back in November 2021 as the success of Bitcoin exchange-traded funds (ETFs) leads a new surge in interest in the biggest cryptocurrency.
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Is crypto back?
The launch of 11 spot Bitcoin ETFs back in January has seen demand for Bitcoin boom this year and Bitcoin is now up over 40% in AUD since the start of 2024 (at the time of writing).
The next Bitcoin halving is also due sometime in April, which historically has marked the start of a new bull run for Bitcoin and other cryptocurrencies.
The success of the Bitcoin ETFs has fuelled further speculation that spot Ethereum ETFs will be approved sometime this year.
Is this a big deal?
While Bitcoin hitting a new all-time high in AUD is nothing to shrug at, it's only half the story. The price of Bitcoin is predominantly measured (and traded) in US dollars, and so Bitcoin's price in USD is actually the one to watch.
At the time of writing, Bitcoin is trading at around US$60,000, slightly below its all-time high of $65,000, again set in November 2021.
If, or more likely when, Bitcoin breaks this price, you can expect more coverage and even more interest.
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