Bitcoin price live: Crypto market nears record high as experts make 2024 predictions

The price of bitcoin rose more than 200 percent between February 2023 and February 2024 (iStock/Getty Images)

bitcoin is once again on the rise, rising more than 20 percent over the past week to bring it closer to its all-time high.

Reaching more than $63,000 on Thursday, the world leader cryptocurrency It is now less than $6,000 from the record price it reached in November 2021.

Other leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), have also seen huge gains in recent days, pushing the overall cryptocurrency market cap above 2.3 billions of dollars.

Some market analysts predict that a new record high for the world's leading cryptocurrency is imminent, while others warn that a significant correction may follow the latest price surge.

You can follow the latest news, analysis and price predictions from experts in our live coverage of the crypto market below.

Bitcoin Price Live: Positive Predictions Ahead of the Halving

11:41 , Antonio Cuthbertson

Another reason for such a buoyant market right now is the impending bitcoin halving, which will see rewards for mining the cryptocurrency halved.

The bitcoin halving, which occurs approximately every four years, has been used by some crypto analysts to explain the quadrennial price cycles that the cryptocurrency has experienced over its 15-year history. One of the staunchest proponents of this theory is pseudonymous Dutch analyst PlanB, who has gained millions of followers in recent years for his Stock-to-Flow (S2F) model.

While their predictions may be overly optimistic, some have pointed to the latest price rally as confirmation that Bitcoin is following this trajectory. It's worth noting that PlanB also warns that a "black swan" event, such as a global economic downturn or cryptocurrency exchange collapse, could derail its model.

You can learn more about the bitcoin halving, which will take place on April 19, in our explainer here:

What is the bitcoin halving and will it cause a new price record?

Bitcoin Price Live: What Caused the Cryptocurrency's Resurgence?

11:04 , Antonio Cuthbertson

Bitcoin is trading above $62,000 this morning, marking its highest price since November 2021. It is now less than $7,000 away from its all-time high, which it reached that month, before a sudden correction. So how do we get back here?

There are several reasons behind bitcoin's rally, including broader economic factors and an increase in the ways people invest in the cryptocurrency. But one of the main drivers of the latest rally has been the first approval of a spot exchange-traded fund (ETF) in the United States, bringing billions of dollars of institutional investment to the market.

“Unlike bull markets of the past, there is little to no speculative fervor on the part of retail investors,” said Alex Adelman, founder of cryptocurrency app Lolli. The independent this week. “Instead, the momentum is backed by a more mature and calculated approach to bitcoin with an understanding of its strength by the world's largest institutional players... Once bitcoin breaks its all-time high, we will see an additional wave of interest in bitcoin by retail investors."

You can read more about this here:

Is bitcoin back? Price surges suddenly as investors flock to cryptocurrencies

Hello and welcome...

10:36 , Antonio Cuthbertson

to The independentLive coverage of the crypto market. Bitcoin has soared more than 20 percent over the past week and is now within striking distance of its all-time high.

Ethereum (ETH), Solana (SOL), Cardano (ADA), and other major cryptocurrencies have also seen considerable gains, although the biggest price jump actually came from the meme-inspired dogecoin token, which is up more than 50 percent over to the last seven days.

To help explain why and look forward to what's coming next, we'll bring you the latest news, analysis and expert price predictions throughout the day.

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