Bitcoin rips past $60,000 for first time in over two years

Bitcoin (BTC-USD) rips higher Wednesday morning, soaring above the $60,000 benchmark. It last sat above this milestone in November 2021. Yahoo Finance Senior Reporter Jared Blikre monitors the broader price action occurring throughout the crypto space, taking a closer look at crypto-exposed stocks like MicroStrategy (MSTR) and Coinbase (COIN).

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

AKIKO FUJITA: Well, the Bitcoin bull raging on topping $60,000 today. The currency surging to levels not seen in more than two years. For more on what we can expect from Bitcoin and its alternatives, let's bring in Jared Blikre, who's been tracking all the moves in the crypto space for us today. Jared?

JARED BLIKRE: Akiko, I think a picture is worth a thousand words. You can see on the big board behind me with the Y-Fi Interactive, we are looking at a huge rally. Bitcoin up 7.42% over the last 24 hours, over the last three days.

So this week, up 18%. And as you said, we are approaching those highs that we had only two years ago. In fact, I think $65,000 is probably the last real resistance. But I've been getting those price alerts late at night. And we have just been peeling through, punching through resistance level after resistance level.

And like I said, after $65,000, you got the record highs at $69,000. But I think everybody's going to be thinking about $100,000 and what that means for cryptocurrencies.

Now, if we take a look at some of the crypto stocks that have been rallying, and let me put this on a three-day view here. So you can see what's been happening the entire week. MicroStrategy up 42%. This is a five-year chart. And you can see MicroStrategy is racing towards those highs that it had a couple of years ago.

Interestingly, if I put a max chart on, you're going to see the highs that we had in the last century, late '90s actually quite a bit higher. So that company has been around quite a while. But even another which is a relatively new entrance to the field, like, Coinbase, its record high was set roughly after its IPO, which also coincided with the high that we had in Bitcoin. It is now clawed back about 50% of its losses.

And if it can punch through this looks like 215, 225 resistance level, it has a good shot at reaching those record highs. So we're seeing the crypto rally broaden, not only into a crypto stocks, but also some of the other tokens. I got a couple of seconds left. So I just want to show you real quick here. On the top line, I haven't talked about Dogecoin in a while. The three-year chart admittedly does not good-- look good. But over the last year, you can see choppy. And now, it's trying to get to its own 52-week high.

So even some of the laggards here, finally, catching up to the generals.

AKIKO FUJITA: OK. We'll see. I don't know, $100,000 seems a little early to call. But, certainly, Bitcoin bulls out--

JARED BLIKRE: It sneaks up on you.

AKIKO FUJITA: --there with some pretty high targets there. It does. Jared Blikre, thanks so much for that.