Bitcoin (BTC), the largest cryptocurrency by market capitalization, is expected to hit 70-plus day highs this year, more than triple last year’s figure, if the price continues to reflect 2017’s performance .
It’s already on its way, reaching $109,000 on January 20, the day of President Donald Trump’s inauguration. In 2024, it recorded 23 records, the most since 2017, when it reached all-time highs in 77 days. This year, price developments appear to be following the trajectory of eight years ago.
The record highs appear to be sparking different reactions in crypto and traditional financial markets. Typically, when bitcoin hits a new high, the market is deemed overheated, greedy, and overvalued. However, assets such as gold and stocks often extend their uptrend. Gold has reached new all-time highs at least 33 times in 2024.
