In a momentous rise, bitcoin has officially surpassed its previous all-time high, surpassing the $69,000 mark. This milestone comes as bitcoin continues its remarkable rise after the US Securities and Exchange Commission approved spot bitcoin exchange-traded funds (ETFs), resulting in a continued large influx of capital into btc.
OFFICIAL: bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin REACHED A NEW HISTORICAL HIGH ABOVE $69,000 pic.twitter.com/DccMr0Gnc5
– bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The bitcoin market witnessed a flurry of activity as btc reached its new peak as BlackRock's bitcoin Spot ETF surpassed $1 billion in trading volume for the sixth consecutive day yesterday. bitcoin's previous all-time high of $69,010 occurred almost three years ago, on November 10, 2021, 846 days ago.
During the month of February, bitcoin had the largest green monthly candle in its history, rising almost $20,000 that month alone. To put into context how bullish that month was price-wise, the bear market low for bitcoin was ~$16,000, meaning bitcoin pumped almost $4,000 more than that in February alone.
ONLY IN: bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin had its largest monthly green candle in February pic.twitter.com/BsaCIXGTJx
– bitcoin Magazine (@BitcoinMagazine) March 1, 2024
bitcoin's meteoric rise has been fueled by a variety of factors, including growing institutional adoption, growing interest from retail investors, and greater acceptance by traditional financial institutions. Additionally, current geopolitical tensions and inflation concerns have driven demand for bitcoin as a hedge against economic uncertainty.
US bitcoin Spot ETFs had their second biggest day in terms of trading volume yesterday. according according to Bloomberg analyst Eric Balchunas. The BlackRock ETF was responsible for $2.4 billion of the $5.5 billion traded yesterday. Last week, bitcoin spot ETFs purchased over 30,029 btc, while miners only mined 6,160 new btc. This massive demand and very limited supply of bitcoins being created every day has been the main factor causing the price of bitcoin to increase dramatically.
Here's the weekly recap (February 24 – March 1, h/t @HODL15Capital).
Keep it simple: there is more demand than new supply. pic.twitter.com/ighWC0hOOi
– Matt Hougan (@Matt_Hougan) March 2, 2024
