Bitcoin Soars to New Heights, Reaching $87,000 in Just 236 Days
Bitcoin surged to $87,000 in just 236 days, marking its first time exceeding this level since January 29. The cryptocurrency's price increase was not limited to a single day, as it rose 7% in one day and 47% in the second half of the year alone.
This remarkable performance has lifted the overall market capitalization of virtual assets to $2.93 trillion, with $900 billion added in just the past six months. In comparison, major market players such as Nvidia, Mitsubishi, and gold saw much more modest gains, with Nvidia rising 14.76% and gold increasing by 8%.
The surge in Bitcoin's price is attributed to the U.S. Securities and Exchange Commission (SEC) announcing an 'innovation exemption' on August 17, allowing tokenized U.S.-listed stocks to be traded on a blockchain basis. This move has been hailed as a major breakthrough for the virtual asset market, with many experts predicting a long-lasting bull market.
Matt Hogan, chief investment officer at Bitwise, believes that 'the virtual asset recession is over' and that this bullish market will be 'the strongest and longest-lasting bull market in the history of virtual assets.'