Bitcoin nears all-time-high price more than two years after record was set

Bitcoin, the largest cryptocurrency by market capitalisation, hit a price of $68,785.95 on Tuesday morning, coming close to the all-time-high of $68,789.63 that it reached on November 10, 2021, according to the CoinMarketCap live tracker. Due to its large market cap and dominant market status, Bitcoin’s rocketing price helped lift the prices of other top crypto coins and tokens, including memecoins. Bitcoin investors and miners are preparing for the “Bitcoin halving” event that is due to take place around April this year, in which the reward for mining Bitcoin will be cut in half. Past Bitcoin price spikes have been followed by steep crashes as short-term investors rapidly sold their assets in order to turn a quick profit.