In a momentous surge, Bitcoin has officially smashed through its previous all-time high, surpassing the $69,000 mark. This milestone comes as Bitcoin continues its remarkable ascent after spot Bitcoin Exchange Traded Funds (ETFs) were approved by the U.S. Securities and Exchange Commission, leading to a consistent large influx of capital into BTC.
OFFICIAL: #BITCOIN REACHED A NEW ALL TIME HIGH ABOVE $69,000 pic.twitter.com/DccMr0Gnc5
— Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The Bitcoin market witnessed a flurry of activity as BTC surged to its new peak as BlackRock’s spot Bitcoin ETF did over $1 billion in trading volume for the sixth consecutive day yesterday. Bitcoin’s previous all time high of $69,010 happened almost three years ago on November 10, 2021, 846 days ago.
For the month of February, Bitcoin had the biggest 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 bottom for bitcoin was ~$16,000, meaning bitcoin pumped almost $4,000 more than that alone in February.
JUST IN: #Bitcoin had its biggest monthly green candle EVER 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 increasing institutional adoption, growing interest from retail investors, and broader acceptance by traditional financial institutions. Additionally, ongoing geopolitical tensions and inflationary concerns have propelled demand for Bitcoin as a hedge against economic uncertainty.
US spot Bitcoin ETFs had their second biggest day in terms of trading volume yesterday, according to Bloomberg analyst Eric Balchunas. BlackRock’s ETF was responsible for $2.4 billion of the $5.5 billion traded yesterday. Last week, spot Bitcoin ETFs bought over 30,029 BTC, while miners only mined 6,160 new BTC. This massive demand and very limited supply of bitcoin being created every day has been the main driver causing bitcoin’s price to increase dramatically.
Here’s the weekly summary (Feb. 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