Bitcoin breaks the $60,000 barrier once again

Yesterday morning, Bitcoin was valued at roughly $56,000. At 11:00, it got near the $60,000 barrier, which it smashed less than five hours later. The maximum value of the day arrived at 19:25, when the price recorded was $62,814.38. 

Today started at $60,560.15 and the climb to $62,500 took less than two hours. By the looks of it, the $65,000 barrier could fall by the end of the day. However, Bitcoin's growth had a strong impact on other cryptocurrencies, for example Stacks (STX). This one had an even more impressive evolution in the last three months, going from less than $0.5 to almost $3.5. On the other hand, Bitcoin needed almost three years for a three-fold increase.

Quite obvious in the chart above, the impact of the last two halvenings was strong, but it also occurred sooner the second time. Now, it seems that the market is taking a pre-emptive approach, so the effects of this upcoming supply cut are already showing.

According to Forbes' Clem Chambers, Bitcoin could easily hit $80,000 by the end of the year. He also mentions $120,000 as "quite feasible" alongside a very optimistic $250,000 as a possibility. At the same time, he also mentioned a $8,000 target for Ethereum (ETH).

In addition to the halvening, the market is also moving up thanks to spot Bitcoin ETFs. To find out more about this topic, one should check out Ernest Hugo's BITCOIN ETF APPROVAL: What it Means for Investors and Cryptocurrency.