Bitcoin is seeing yet another rally, this time its biggest in 18 months but analysts suggest it may be short-lived.
The recent surge is on the back of investor excitement over the possibility that a new type of trading fund specifically for the token will be launched by multiple firms.
As if from nowhere Bitcoin has leapt to heights it hasn’t seen in the last 18 months, touching $35 000 on Monday before settling at $33 964 at the time of writing. The most important cryptocurrency’s rally is a return to form it hasn’t seen since May 2022 assuaging investors that perhaps the token is emerging from a long wintery hibernation.
Owing to its volatile nature, the token bounced up and down for most of 2022 and 2023, but it is clearly on an upward trend after the latest surge.Bitcoin’s price has almost doubled since the beginning of the year, while knock-on effects from the rally has pulled Ether to $1 800 touching a price the second cryptocurrency hasn’t seen since August., Bitcoin’s latest leap is due to a combination of several factors that have been playing out individually over the last few weeks.
Several major investment firms have pending applications for such crypto funds, including large firm BlackRock which is anticipated to have been given the all-clear to launch its own fund. Further evidence of this is the listing of BlackRock’s “iShares Bitcoin Trust” on a clearing corporation website, which is seen by analysts as a crucial step in the launching of a Bitcoin ETF.
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