Bitcoin continued its recent rally on Wednesday. The price climbed to its highest level since mid-November in early trading.
The oldest and best-known cryptocurrency almost reached the $94,000 mark. Bitcoin couldn’t quite maintain that level, but at around $92,970 it was still worth more than at the end of the previous day. Bitcoin thus extended the gains from the afternoon and evening of the previous day. Since Tuesday afternoon, the price has risen by around $6,000 or seven percent.
Despite the recent recovery from November lows just above the important chart support level of $80,000, Bitcoin is still well below its record high. At the beginning of October, the cryptocurrency was temporarily worth more than $126,000. In the weeks that followed, a significant correction began, in which the digital currency lost almost 40 percent of its value. Such strong price fluctuations are normal for Bitcoin.
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The trading range so far this year has been between around $74,000 and just over $126,000. The bottom line is that Bitcoin has been standing still since the end of 2024, after the price increased more than fivefold in 2023 and 2024. Over the past ten years, Bitcoin has become more expensive by almost 26,000 percent – that is, the price has risen almost 260 times from around $360 in December 2015.
According to a list by Coinmarketcap.com, the value of all Bitcoins is currently almost 1.9 trillion dollars (around 1.6 trillion euros). This means that Bitcoin dominates the market for cryptocurrencies, which is valued at almost 3.2 trillion dollars.