Bitcoin, the leading cryptocurrency, has surged above the $69,000 level, reaching an intraday high of $69,222 on the Bitstamp exchange, according to CoinGecko data. This comes after the bullish golden cross pattern recently formed on its daily chart.
The cryptocurrency has hit its highest level since Oct. 21, the day it hit a multi-month high of $67,487.
The shares of major cryptocurrency-related companies have also soared higher in tandem with the leading cryptocurrency. Coinbase (COIN) is up by more than 3%. The shares of the top mining companies, such as Riot Platforms (RIOT), are also in the green.
According to cryptocurrency analytics firm CryptoQuant, cryptocurrency miners are currently betting on a Bitcoin price spike.
Despite an underwhelming start, the cryptocurrency is already up by nearly 9% during this month.
So far, however, Bitcoin remains below the pivotal $70,000 resistance level that the bears have managed to defend on multiple occasions.
Bitcoin to $3 million?
During a Monday appearance on CNBC, Matthew Sigel, head of digital assets at VanEck, predicted that the price of Bitcoin could potentially surge to as high as $3 million by 2050.
This will be possible if Bitcoin becomes a reserve asset that is used in global trade and gets adopted by global central banks.
As for the most recent Bitcoin price rally, Sigel attributes this to re-accelerating money growth.
Bitcoin’s dominance continues to grow
As reported by U.Today, Bitcoin dominance has now approached the 60% level, the highest level since early 2021.
Following Bitcoin’s most recent price spike, this metric appears to be poised to reach yet another multi-year high.