The crypto scene continues to remain so hot that bitcoin is hitting one new high after another. It surpassed $72,700 on Monday. This was initially driven by the approval of spot bitcoin ETFs, but is now being pushed higher ahead of a “halving” event, which will limit the amount of new supply put into circulation from bitcoin miners.
Bitcoin has increased 9.5% in the past seven days and is up 50% on the month, according to CoinMarketCap data. The total crypto market cap across all tokens has increased 10% on the week to $2.71 trillion, with bitcoin making up 52.7% of that amount.
There is, of course, no way of telling how high bitcoin can rise during the current bull frenzy. While many are feeling the hopium, there’s at least one indicator that thinks we’re nearing the top of the highs, with price dips to quickly follow.
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