In a historic moment for the cryptocurrency world, Bitcoin has shattered its previous all-time high, surging past the $69,000 mark. This milestone comes on the heels of the approval of spot Bitcoin Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission, which has led to a significant influx of capital into BTC.
The market saw a flurry of activity as Bitcoin reached its new peak, with BlackRock’s spot Bitcoin ETF recording over $1 billion in trading volume for the sixth consecutive day. The last time Bitcoin hit an all-time high was almost three years ago, on November 10, 2021, marking 846 days since the previous peak.
February was a particularly bullish month for Bitcoin, with the cryptocurrency experiencing its biggest green monthly candle in history, rising nearly $20,000 in that month alone. This surge in price highlights the growing interest in Bitcoin as a hedge against economic uncertainty, fueled by factors such as institutional adoption and inflationary concerns.
The demand for Bitcoin has been further fueled by ongoing geopolitical tensions, with US spot Bitcoin ETFs experiencing their second biggest day in terms of trading volume recently. BlackRock’s ETF alone accounted for $2.4 billion of the $5.5 billion traded on that day. The limited supply of Bitcoin being created daily, coupled with the increasing demand, has been a key driver behind the cryptocurrency’s dramatic price increase.
Overall, Bitcoin’s meteoric rise to its new all-time high underscores its growing prominence in the financial world and its potential as a valuable asset for investors seeking to diversify their portfolios.
