It’s official: Bitcoin hits all-time high
The massive surge took Bitcoin officially above $69,000, breaking its previous all-time high. This milestone comes as Bitcoin continues its notable rally after a spot Bitcoin exchange-traded fund (ETF) received approval from the U.S. Securities and Exchange Commission, resulting in continued large-scale capital inflows into BTC.
official: #bitcoin It broke an all-time high above $69,000. pic.twitter.com/DccMr0Gnc5
— Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The Bitcoin market witnessed a flurry of activity yesterday as BTC surged to new highs as BlackRock’s spot Bitcoin ETF recorded trading volume of over $1 billion for the sixth day in a row. Bitcoin’s previous all-time high of $69,010 occurred 846 days ago, on November 10, 2021, almost three years ago.
During the month of February, Bitcoin recorded the largest green monthly candle in history, rising by nearly $20,000 that month alone. To illustrate how bullish the price was that month, Bitcoin’s bear market bottom was ~$16,000. This means Bitcoin pumped almost $4,000 more than that in February alone.
Just came in: #bitcoin February had the biggest monthly green candle ever 🤯🚀 pic.twitter.com/BsaCIXGTJx
— Bitcoin Magazine (@BitcoinMagazine) March 1, 2024
Bitcoin’s meteoric rise has been fueled by a variety of factors, including increased institutional adoption, growing interest from retail investors, and widespread acceptance by traditional financial institutions. Additionally, ongoing geopolitical tensions and inflation concerns have increased demand for Bitcoin as a hedge against economic uncertainty.
US spot Bitcoin ETFs had their second-biggest day in terms of trading volume yesterday, according to Bloomberg analyst Eric Balchunas. BlackRock’s ETFs accounted for $2.4 billion of the $5.5 billion traded yesterday. Last week, spot Bitcoin ETFs purchased over 30,029 BTC, while miners mined only 6,160 new BTC. The enormous demand and very limited supply of bitcoins created every day have been the main reasons for the dramatic rise in the price of bitcoin.
Here’s the weekly summary (February 24 – March 1, h/t): @HODL15 Capital).
Keep it simple. There is more demand than new supply. pic.twitter.com/ighWC0hOOi
— Matt Hogan (@Matt_Hougan) March 2, 2024
