- Bitcoin reached a new all-time high price above $69,000 on Tuesday before dropping back down and fluctuating wildly
- There is disagreement over the exact figure for Bitcoin’s highest price, with different exchanges reporting slightly different numbers
- Volatility remains high for Bitcoin, with significant price swings both up and down likely to continue in the short term even as investor interest grows
Bitcoin rose overnight retaking 67,000 on Wednesday after falling to just above 62,000 on Tuesday. The fall came after Bitcoin reached its new all-time high of 69,170, according to CoinMarketCap. While still in the red, Bitcoin rose 7.89%.
Bitcoin Reaches New All-Time High
The crypto industry rejoiced today on news that Bitcoin had broken its previous record for all-time highest (ATH) price. But whether the coin actually broke that record—and what the number to beat even was in the first place—depends on who you ask.
Decrypt, for example, reported the news Tuesday morning based on American crypto exchange Coinbase showing a high price above $69,324, following numerous close calls since Monday. Coinbase’s previous all-time high was listed under the $69,000 mark.
Volatility Remains After All-Time High
Even as crypto Twitter hailed the new all-time high, some price aggregators and exchanges suggest $69,170 may not be the actual high. For example, Coinbase listed an all-time high of $69,324, so Bitcoin may still have a long way to go.
“This is likely the beginning of a lot of volatility as we go up,” Alex Thorn, Head of Research at Galaxy, told Decrypt on Tuesday.
“The common phrase is that bull markets climb a wall of worry,” he continued. “Looking at 2017 and seeing eight drawdowns of 25% or more on the way to all-time highs, that looks like a wall of worry to me, so I’m not concerned.”
Even still, Bitcoin’s price continued to fluctuate on Wednesday morning, reaching $66,202 before climbing back above $67,000, showing that BTC’s volatility remains a crucial factor in investing in the cryptocurrency market.
Conclusion
Bitcoin had a wild ride after reaching a new all-time high, and the volatility remains as the number one cryptocurrency regains momentum. Investor interest has skyrocketed, but significant price fluctuations are likely to continue in the short term.
