A surprising jump that excited the entire crypto market happened yesterday, and it is with none other than the top coin, Bitcoin, who recently rallied close to its all-time high record from earlier this March. The top crypto recorded its peak of $73,562 valuation last Tuesday, and it is less than $200 short of breaking its previous historic record from earlier this year when the trading ended.
However, the public's attention were not on Bitcoin during this trading period, and the top cryptocurrency made its silent climb before being noticed that it was nearing its previous record before it dropped back.
Bitcoin Almost Broke its All-Time High at $73K
CoinMarketCap reported that Bitcoin came close to breaking its previous all-time high record as the top coin in the market returned to the $73,000 threshold and came face to face with its topmost valuation. However, Bitcoin failed to achieve a new number as its ATH, as the top cryptocurrency only reached a $73,562 valuation at its peak, and is $175 short of tying it.
The previous Bitcoin all-time high valuation was achieved last March, and it saw the top coin record, $73,737, over seven months ago, with the top coin's rally being one of the most iconic moments in Tuesday's trading.
While it did cause significant movement in the market, the crypto community were reportedly 'quiet' with this development, but investors are already being optimistic with what this could bring, especially if Bitcoin retains this high valuation.
Currently, Bitcoin went back to the $71,000 threshold, but it still boasts of a 7.52 percent increase in the past seven days, seeing an almost meteoric rise.
Eyes are Now on Bitcoin After Surprising Jump
The report from CoinMarketCap claimed that Bitcoin's rally was a surprise to the crypto industry as it was an unprecedented jump from the top crypto. That being said, this was expected by some investors, especially as the US November elections are nearing, with the Republican presidential nominee, Donald Trump, known for backing the coin.
It also saw as much as $1 billion in new investments that were made available to BTC-related funds, building more of the confidence behind it.
Bitcoin and its Dwindling 2024 Performance
The current year was not exactly good for Bitcoin, particularly as the top cryptocurrency saw it do a nose dive to an almost critical level again after achieving its all-time high record last March. Starting in July, Bitcoin saw a push and pull performance that had investors and crypto fans reeling, but the most loyal ones, as well as analysts, believe that it is on its way to climb to $80,000 by year's end.
Its round of misfortunes when 2024's second half started was initially prompted by Mt. Gox, a bankrupted Bitcoin trading platform from Japan, began its repayments to customers. However, Bitcoin was also met by a bearish market, with top whales withdrawing their BTC assets that led to further crashes of the top coin, where it was already struggling to float above the $50,000 valuation.
Right until September, the crypto market saw 'extreme fear' in its indexes which monitors the sentiments of investors and proprietors, with the industry torn between its rebound or will be the time its bubble will explode. The end of October is spelling a different campaign for the crypto industry, particularly with Bitcoin who went close to a new ATH, and only missed it by $175 this Tuesday.
