Bitcoin Hits $69,000: BTC Reaches New All-Time High
Bitcoin has achieved a new milestone by surpassing its previous all-time high of $69,000. The historic moment occurred today and marked the end of an 827-day journey for BTC to reclaim its former peak.
Since hitting a low of around $15,000 in the last quarter of 2022, Bitcoin has appreciated by approximately 360%. In 2024 alone, the cryptocurrency has experienced a surge of roughly 70%.
Key points:
- Bitcoin surpasses its previous all-time high of $69,000, set on Nov. 10, 2021.
- The cryptocurrency has appreciated by 360% since bottoming out above $15,000 in late 2022.
- The collapse of Terra Luna and the bankruptcy of FTX hampered the wider cryptocurrency market.
- The approval of spot bitcoin ETFs in the U.S. is considered the primary driver behind the new bull market.
The road to Bitcoin’s new all-time high was not without its challenges. The wider cryptocurrency market faced significant setbacks in 2022.
This includes the collapse of the Terra Luna ecosystem and the bankruptcy of crypto exchange FTX. These events had a ripple effect across the industry, causing a prolonged bear market.
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Bitcoin ETF approval triggered a price surge
The approval of spot bitcoin exchange-traded funds (ETFs) in the United States is widely regarded as the catalyst that sparked the price surge.
The inflows into these ETFs have exceeded even the most bullish expectations. This particularly aided in driving Bitcoin’s price to new heights.
Earlier this week, the cryptocurrency’s price in euro and British pound terms also broke all-time highs.
The massive wave of buying by the newly established U.S.-based spot Bitcoin ETFs has played a significant role in propelling Bitcoin’s price to new heights.
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When these ETFs began trading on Jan. 11, Bitcoin was trading at around $45,000. Despite a brief “sell the news” dip to the $39,000 range, the cryptocurrency quickly rebounded. BTC had even surpassed $50,000 by mid-February.
According to the latest data, BTC fell to $68,000 at press time after hitting $69,000. Additionally, alongside Bitcoin, Ethereum has also hit the $3,800 level.
