Bitcoin nears $64,000, experts say it may beat previous high before halving

Bitcoin has gained nearly 20 per cent in the last week, owing to increasing interest around its exchange-traded funds (ETFs) and the upcoming halving. In 2024 so far, the largest cryptocurrency by market cap has surged around 40 per cent. The token currently dominates the crypto market with a 53 per cent share in the total value, according to CoinMarketCap.

“The positive effects of the ETF launch, institutional investment, which saw a rise in 2023, and the upcoming halving, which is set to affect the demand-supply ratio in favour of Bitcoin’s price, have all started adding to the market momentum,” said Rajagopal Menon, vice president at WazirX.