Bitcoin has passed a milestone of AU$100,000—and the crypto world is celebrating.
But that’s potentially not the peak for the digital currency. BTC could keep rising and break its all-time record of US$67,000 (AU$102,900 according to the current exchange rate) and reach historic heights as early as this week if the currency continues its rally.
Bitcoin touched an all-time high of AU$99,800 in Australia and hovered around upwards of AU$99,000 yesterday afternoon, before finally crossing AU$100,000 at around 1PM AEDT.
Bitcoin makes a comeback
BTC is worth AU$103,000 at the time of writing, but the currency, also known as ‘digital gold’ has been on a rampage much of last week. Bitcoin’s last record high was US$69,000 in November 2021 (AU$92,400 at the time due to the exchange rate) during the height of crypto’s infamous bull run. So, BTC is currently just “2 percent shy of its record high” according to Forbes, and within close reach of overtaking this record. At the time of writing, Bitcoin’s market cap stands at US$1.33 trillion, per crypto price tracker CoinMarketCap.
Aussie crypto experts on BTC
Local crypto exchanges are unsurprisingly jumping on this news and suggesting it’s a sign of more rallying to come.
“This is a truly historic moment for the asset and the crypto industry as a whole,” Jonathon Miller, Managing Director of Kraken Australia, tells The Chainsaw.
“A combination of factors has sparked excitement around this asset class and contributed to Bitcoin achieving this landmark: the recent US spot Bitcoin ETF approvals, renewed focus on the upcoming Halving event, and a wave of interest in crypto more broadly as mainstream attention has returned,” he adds.
The crypto market is giving “strong 2020 vibes”
Ben Rose, General Manager of Binance Australia, said this could be a sign of more acceptance and optimism about the currency. This comes after year of price declines between November 2021 and November 2022, and the scandal following the collapse of crypto exchange FTX creating public mistrust around crypto.
“We’ve always had an unwavering belief in the potential of cryptocurrency and it’s exciting to see more and more people becoming aware of that potential,” Rose told The Chainsaw.
“Reaching an all-time AUD high, even before the halving, speaks volumes to the growing acceptance and optimism towards crypto. While ETFs helped to break down entry barriers into crypto investing, more and more people are understanding the attractive characteristics of Bitcoin.”
Pav Hundal, lead analyst at Swyftx, also shares with The Chainsaw that the crypto market in general “looks very frothy”.
“There are strong 2020 vibes to the market at this point. The sheer gravitational force of institutional demand is pushing Bitcoin’s price up and the market is following in its slipstream. We seem to be seeing new two-year highs for Aussie trading every day at the moment,” Hundal said.
“The integration of cryptocurrency into mainstream financial institutions is a crucial consideration for Australian investors. Recent developments in US regulations regarding spot Bitcoin ETFs and the advocacy of major investment firms highlight the growing acceptance of crypto in traditional finance,” Caroline Bowler, CEO of BTC Markets, tells The Chainsaw.
Be sure to exercise caution
With Bitcoin’s historic Halving event approaching in April, it comes as no surprise that BTC is gaining momentum from investors. However, per Cointelegraph, open interest from investors and rapid price increases also foreshadow “imminent volatility” for Bitcoin and call for caution, as it is a “worrying indicator that the market is overheating.”
Like every crypto asset, be sure to conduct proper due diligence before investing.
