Bitcoin reached a 3-year high

Over the past day, the cryptocurrency has increased in price by more than 10%, reaching $57,039, before partially correcting and settling at $56,605.

Since the beginning of the year, the price of Bitcoin has increased by 33%, continuing its long-term growth and fueling speculative interest in smaller tokens, including Ether and BNB.

About $5.6 billion has been invested in bitcoin ETFs, which began trading in the United States on January 11, indicating an increase in demand for tokens among investors. The upcoming halving of the growth rate of the token supply also contributes to optimism.

According to CoinGecko, the total value of digital assets now stands at about $2.2 trillion, compared with a minimum of about $820 billion in 2022, when FTX and other crypto platforms collapsed.

The durability of digital tokens continues to grow, despite the reduction in expectations regarding monetary policy this year, which is reflected in the growth of US Treasury bond yields.

Also this year, Bitcoin has surpassed traditional assets, including stocks and gold, while the coefficient comparing the price of a token with the price of a precious metal reaches its highest level in the last two years.

The Bitcoin exchange rate broke the $28 thousand mark on October 2, 2023. Since then, as we can see, the cryptocurrency has achieved significant success. The historical maximum of the bitcoin exchange rate was reached on November 10, 2021 at $68,700.