Bitcoin has surged to $72,000, bringing $100,000 into focus

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Bitcoin is surging. The cryptocurrency is trading near $72,000, with investors piling into Bitcoin ETFs. Last week it broke its longstanding high, near $69,000, which was established in November 2021.

The strength in the cryptocurrency has participants pondering how long it will take for Bitcoin to reach the $100,000 mark. There is little doubt that the general risk-on sentiment has helped cryptocurrencies rally, but the primary driver is the spot bitcoin ETFs that are backed by crypto.

Bitcoin's performance has been remarkable, surging 70% since the start of this year and up 170% since September last year. The uptrend is fuelled by optimism around the approval of spot Bitcoin ETFs in the United States, sparking renewed interest from investors in digital assets. Notably, BlackRock's iShares Bitcoin ETF achieved a record-breaking $10 billion in assets, outpacing all other ETFs in history.

Bitcoin ETFs directly affect the market by acquiring and holding tokens.Ths has changed the mechanics of the cryptocurrency market and has directly altered previous supply-demand dynamics.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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