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Bitcoin is blazing hot as it rises another 4% to the best levels since November 2021.
It’s up $2834 to $65,446 with a nearly 30% in the past week alone. It’s been an incredible run that started in late October at the same time as US equities turned and accelerated as bitcoin spot ETF approval loomed. Not coincidentally, the Nasdaq also hit ran to its November 2021 highs last week and then broke them.
Another day or two like today will have bitcoin at fresh all-time highs as well. The peak level set in 2021 was $68,999 before it crashed down to $15,479 in late 2022 as interest rates rose.
The latest move — and many moves in equity markets — are indicative of a market that’s being driven by FOMO. It’s reminiscent of the 2021 market but without ultra-low interest rates. It’s not difficult to find stocks jumping upwards of 10% daily in the AI-fuelled rally. The crypto enthusiasm is also becoming untethered with Dogecoin up 42% in the past five days and 110% in the past month.
Moves like this tend to run until they have a reason not to. Right now, the all-time high is acting like a magnet and the late-April halvening is adding a further catalyst to bitcoin.
