In what is undoubtedly a monumental moment for the digital asset market, Bitcoin (BTC) has reached a new all-time high, surpassing the previous $69,000 mark. Indeed, the cryptocurrency has continued its two-week extension, breaking $65,000 early Monday before reaching its new record price.
The asset has been driven by the ongoing success of the inaugural Spot Bitcoin ETFs. These investment products, led by BlackRock’s record-breaking offering, have instituted a new wave of excitement for the token. Now, it has officially hit a new all-time high mark, exceeding the previous record set in 2021.
Also Read: BTC Climbs Above $65,000: Why is Bitcoin Up Today?
Bitcoin Reaches New All-Time High
Heading into 2024, all eyes were on the potential breakout performance of Bitcoin. Just two years prior the asset was fighting back from concerning lows, falling as low as $16,000 in November of 2022. However, with the US Securities and Exchange Commission (SEC) approving Spot Bitcoin ETFs just ten days into the new year, optimism was immensely high.
Although January saw moderate gains, the BTC hope proved fruitful just eight weeks after those ETFs first began trading. Indeed, the last week of February saw the asset rise from $51,000 to start March trading above $61,000 according to CoinMarketCap. Yet, the momentum proved strong enough to not stop there.
Also Read: Bitcoin’s Bull Run at Risk: JPMorgan Eyes $42K Slide Post-Halving
Starting this week, the asset climbed above $65,000, just 6% away from reaching its all-time high. Yet, it didn’t take long for it to make the rest of that journey, as Bitcoin has officially reached a new all-time high, surpassing the previously held $69,000 level.
The previous all-time high was reached in November of 2021. Although some platforms have differed in the official All-time high, the asset had never reached beyond the $69,100 level. That changed today, as BTC has undoubtedly made history. With the Bitcoin Halving event set to take place on April 19th, there is still excitement about just how high the asset could go from here.
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