Bitcoin has broken its former peak, setting a new record by soaring above $69,000. This achievement surpasses its previous high from November 2021. This latest peak shows Bitcoin’s expanding market capitalization, now nearing the $1.4 trillion mark, a figure that rivals the global value of silver. The climb is partly credited to the continuous ETF inflow into the market.
Bitcoin Finally Meets Long-Term Holders’ Goal
The moment has arrived. Bitcoin has reached a new all-time high, bringing celebration across the crypto markets. After more than two and a half years since the world’s leading cryptocurrency reached a previous all-time high of over $69,044, Bitcoin has now surpassed that milestone. Achieving a 3% increase in the last 24 hours and a 18% rise over the past week, it has crossed the $69,000 level on platforms like Bitstamp and Coinbase. According to Coinmarketcap, Bitcoin made a new ATH at $69,170.
According to Coinmarketcap, Bitcoin’s recent price surged pushed the total market liquidations near $600 million. The arrival of this new all-time high (ATH) is significant, particularly as it comes ahead of the highly awaited Bitcoin halving event scheduled for the summer.
The surge in Bitcoin’s value can also be due to the market’s positive response to the SEC’s recent approval of spot BTC ETFs earlier in the year. As a result, BTC has seen billions in ETF inflows in recent weeks. Since this development, Bitcoin’s price has soared by more than 50%.
The market anticipates that the upcoming halving will reduce Bitcoin’s supply, while the availability of these ETFs is expected to increase demand. Together, these factors are believed to send Bitcoin to new price levels.
Market analysts note that bitcoin, with a market capitalization now exceeding $1 trillion, already entered a bull market in mid-2023. This occurred as BlackRock, the largest asset manager globally, initiated filings to launch a bitcoin exchange-traded fund (ETF).
The current rally signals the third bull run for bitcoin, triggered by the market’s recognition of bitcoin as an asset worthy of institutional investment, thanks to the ETF, and favorable macroeconomic conditions supporting bitcoin’s growth.
However, the BTC price has plunged by $2000 after facing selling pressure above $69K. Analysts now give a fair target of $100K in the upcoming months following current market sentiment.
This is a developing story