Crypto enthusiasts around the globe are giddy since Bitcoin – the world’s oldest decentralized digital currency – has crossed $58,000 for the first time since May 2024.

This big move in the price has enthuse investors and traders once again and many of them believe that the bull run is not yet over.

The transfer which reaches over 20 billion dollars takes place against the background of a rising institutional interest in digital assets as well as a general trend in society towards the growing use of cryptocurrencies. Several factors have driven this path including approval of spot Bitcoin ETFs in some jurisdictions recently and next Bitcoin halving expected in April 2025.

Some of the events which analysts attributed to be the drivers of the new surge of interest include; The same has affected most other large cryptocurrencies with Ethereum surging, Binance Coin, and Solana to mention but a few.

A number of highly regarded analysts reckon that Bitcoin could hit fresh record highs in the near months given its stranglehold in the market. However, some voices of caution have been heard in the industry regarding possible future fluctuations and destabilization and urged the investors to keep eyes open.

They have also raised questions of the viability for the long-run of cryptocurrencies as store of value and as medium of exchange.

As many companies and financial organizations consider the blockchain and digital assets, the future of finance seems to be very closely connected with the crypto world.

With the combined market capitalization of the cryptocurrency market edging towards $3tn, the institutions and governments globally are keenly watching the evolution of the sector; some countries are even planning to enforce new rules to combat the ever-raising dominance of cryptocurrencies over the conventional financial systems.