- Bitcoin has continued surging, breaking $65,000 earlier this week before reaching a new all-time high price above $69,000
- The cryptocurrency’s momentum has been fueled by recent approvals of Spot Bitcoin ETFs, sparking a new wave of hype and optimism around Bitcoin
- With Bitcoin’s next halving event approaching on April 19th, there is anticipation around how much further this rally could continue as the token heads into the future
Bitcoin has continued its monumental two-week rally, breaking $65,000 early Monday before reaching its new record high price above $69,000. The cryptocurrency has been driven by the success of recent Spot Bitcoin ETFs, which have brought a new wave of excitement around the token. As Bitcoin heads towards its upcoming halving event, there is anticipation around how high it could continue to climb.
The Rally Towards the New All-Time High
Heading into 2024, expectations were high for a potential Bitcoin breakout. Just two years prior, the asset had fallen to concerning lows around $16,000. However, optimism grew immensely as the SEC approved several Spot Bitcoin ETFs in early January.
Although January brought moderate gains, this hope proved fruitful in late February. The asset rose from $51,000 to start March trading above $61,000. The momentum continued strongly enough to not stop there. Earlier this week, Bitcoin climbed above $65,000 – just 6% away from its record level. It did not take long to cover the rest of that ground, officially reaching a fresh all-time high today.
Surpassing the Previous High Set in 2021
The previous Bitcoin all-time high was reached in November 2021. Although some platforms have reported slightly different record levels, Bitcoin had not definitively traded higher than $69,100 until now. By breaking through this barrier, the cryptocurrency has made history. With the upcoming halving event on April 19, there is anticipation around how much further this rally could run.
