Bitcoin continued its bull run on Monday, rising nearly 5 per cent to cross the $66,000 mark, and hit a two-year high. At the time of writing this report, the largest cryptocurrency in the world by market value was priced at $66,211.50.
Bitcoin is now less than 4 per cent away from its all-time high of $68,999.99 which it hit in November 2021.
The cryptocurrency surged over 150 per cent in the past six months. According to Edul Patel, CEO of Mudrex, out of 19.6 million Bitcoin currently circulating in the market, 13.6 million, which is close to 70 per cent, is in the possession of people who have been holding on to Bitcoin over a one-year period. This "shows increasing long-term investment sentiment. If this trend continues, we are likely to see Bitcoin beating its all-time high any day now," Economic Times quoted Patel as saying.
"The flows are not drying up as investors feel more confident the higher price appears to go," Reuters quoted Markus Thielen, head of research at crypto analytics house 10x Research in Singapore, as saying.
