Bitcoin officially broke through its previous high and surpassed the $69,000 barrier. This landmark comes at a time when Bitcoin is continuing its ascent, after the U.S. Securities and Exchange Commission approved spot Bitcoin Exchange Traded Funds.
OFFICIAL: #BITCOIN REACHED NEW HIGHER THAN $69,000 pic.twitter.com/DccMr0Gnc5
— Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
Yesterday, the Bitcoin market was ablaze with activity. BTC reached a new high as BlackRock’s Bitcoin ETF spot traded over $1 billion for the sixth day in a row. Bitcoin’s all-time record high of $69 010 was reached on November 10th, 2021. That is 846 days and almost 3 years ago.
Bitcoin’s price rose almost $20,000 in February alone, making it the most successful month ever. In order to put the price of bitcoin in perspective, the bear-market bottom was around $16,000. This means that bitcoin rose by almost $4,000 that month alone.
Just In: #Bitcoin The largest monthly green candle ever was recorded in February🤯🚀 pic.twitter.com/BsaCIXGTJx
— Bitcoin Magazine (@BitcoinMagazine) March 1, 2024
Bitcoin’s rapid rise is attributed to a number of factors. These include increasing institutional adoption and growing interest among retail investors. financial institutions. In addition, geopolitical tensions as well as inflationary fears have fueled demand for Bitcoin to hedge against economic uncertainty.
Yesterday, US Bitcoin ETFs experienced their second largest day of trading volume. according Bloomberg analyst Eric Balchunas. BlackRock’s ETF accounted for $2.4 billion out of the $5.5 million traded yesterday. Last week, spot Bitcoin ETFs purchased over 30,029 BTC while miners mined only 6,160 BTC. This huge demand and limited supply of bitcoins being created daily has been the primary driver for bitcoin’s dramatic price increase.
Here's the weekly summary (Feb. 24 – March 1, h/t @HODL15Capital).
It’s simple: Demand is greater than supply. pic.twitter.com/ighWC0hOOi
— Matt Hougan (@Matt_Hougan) March 2, 2024
“This article is not financial advice.”
“Always your own research before making any type of investment.”
Source: bitcoinmagazine.com
