Bitcoin Notches New All-Time High

The recent surge in the cryptocurrency market, particularly with Bitcoin (BTC) hitting a new all-time high today, marks a historic moment in the realm of digital assets. This remarkable achievement comes after a period of relentless bullish momentum, signaling the resilience and enduring strength of Bitcoin.

Throughout 2024, the crypto market has been ablaze with excitement and anticipation, building upon the momentum established in the previous year. Even the most optimistic analysts could not have foreseen the magnitude of this recent rally, which has propelled Bitcoin from a resistance zone near $42,000 to its current level just shy of the previous all-time high of $69,000, all within a mere two months.

The astounding performance of Bitcoin, gaining over 150% in 2023 and an additional 50% in just the first two months of 2024, underscores the massive momentum driving the market forward.

A glance at Bitcoin’s weekly chart reveals the rapid acceleration of this latest bull run. Should Bitcoin maintain its current trajectory, it would mark an all-time high closing price on the weekly chart, demonstrating the sheer power and upward momentum of the cryptocurrency.

This unprecedented surge not only showcases the enduring appeal of Bitcoin as a store of value and investment vehicle but also highlights the growing acceptance and adoption of cryptocurrencies on a global scale. As Bitcoin continues to make strides toward mainstream acceptance, now more than ever is an opportune moment for investors to consider entering the crypto market.

The recent milestone achieved by Bitcoin serves as a testament to the transformative potential of digital assets and underscores the importance of embracing innovation in the ever-evolving financial landscape.

As the crypto market continues to evolve and mature, investors are presented with unprecedented opportunities for wealth creation and financial independence. Whether you’re a seasoned investor or a newcomer to the world of cryptocurrencies, now is the time to capitalize on the momentum and seize the potential offered by this groundbreaking asset class.

With Bitcoin leading the charge toward new heights, the journey toward financial freedom begins with a single step into the world of digital assets.

You Ain’t Seen Nothin’ Yet

The truly exciting thing is that this bull market has just barely gotten started. We haven’t even made it to the Bitcoin halving event in April yet and BTC broke its all-time high on Tuesday, March 5 before experiencing a small speedy pullback. Keep in mind that while there does tend to be price pullbacks around the time of the Bitcoin halving, the price of BTC tends to blast off in the weeks and months following the halving.

Bitcoin is not the only cryptocurrency trading near all-time highs. The second largest cryptocurrency, Ethereum (ETH), is trading at prices not seen since January 2022, just a few months after the last bull market peak.

Ethereum is now finally starting to pick up a bit of traction after falling behind Bitcoin over the last few months. It will be key to see if ETH can keep up the pace in the coming days and weeks. ETH is trading above $3,600 now and could be close to accelerating too. When it breaks above $4,000, expect ETH to move quickly.

Of course, the recent price action has also caused Ethereum’s gas prices to increase and it is currently very expensive to transact on the Ethereum base layer. Transacting on the Ethereum base layer is now becoming cost-prohibitive for many, so I expect to see a rise in layer-2s and activity across other smart contract protocols.

We can kind of see some of this in the recent increase in popularity among Bitcoin ordinals, the NFTs on the Bitcoin blockchain, which has taken place at the same time Ethereum NFTs have struggled.

Take it a step further and you can see that memecoins and NFTs on other blockchains may outpace their Ethereum counterparts in the near future. However, Ethereum is still the king of smart contracts, so don’t count it out anytime soon. Activity on the base layer may slow down, but I fully expect the price of ETH to grow tremendously in the months to come, and at the end of this cycle I still expect Ethereum NFTs and memecoins to lead the way.

We are still on the lookout right now for the next good entry opportunity to either buy into the market for the first time or add to existing positions. Given how close we are to the Bitcoin halving, that opportunity could come any time in the near future and one must be ready to pounce at a moment’s notice. The crypto market is extremely exciting right now and the best part is that we are just getting started.

Alex Benfield is the lead analyst of Crypto Investing Digest.

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This article previously appeared on Investing Daily.