Bitcoin price surges past $69K to hit new all-time high

Bitcoin’s previous all-time high was around $69,044 in November 2021

March 5, 2024 10:06 am

Bitcoin’s price hit an all-time high on Tuesday, surpassing $69,045 after posting sustained market gains through Sunday.

Bitcoin touched $68,000 late Monday, but didn’t manage to carve out a new all-time high before hitting resistance and falling. Blockworks previously reported that it was a key resistance level, according to analysts.

In November 2021, bitcoin (BTC) hit its previous all-time high of $69,044, according to data from CoinGecko. Ether (ETH) also gained intraday, hovering near $3,600.

Before surpassing its all-time high against the US dollar, bitcoin’s market capitalization topped $1.3 trillion, passing its previous market cap all-time high. Bitcoin also crossed all-time highs in multiple other currencies, including the euro.

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Last week, bitcoin ETFs hit record volumes, notching a high of $7.6 billion before retreating to roughly $5 billion on Thursday.

However, on Friday, net inflows were negative after more outflows from Grayscale’s ETF offset inflows from Blackrock’s bitcoin ETF.

Aside from high volume from the ETFs, bitcoin itself climbed last week before retreating to roughly $60,000. Last Wednesday, it climbed to levels not seen in roughly 27 months before notching a 10% drop.

But the moves have left some wondering if the momentum can last.

“Most can’t help but scoff at the pace at which Bitcoin has climbed, having gained 47% in the last month. History tells us we will see a pullback ahead of the halving in April — however, we have never before had an ETF in the space pulling billions of dollars of institutional money into Bitcoin on a weekly basis,” Lucas Kiely, chief information officer at Yield App, said.

James Lavish, managing partner at the Bitcoin Opportunity Fund, posted on X that bitcoin “has not yet entered ‘price discovery mode.'”

He added that a new all-time high will have to be established before such a mode takes place.

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Bitcoin’s fourth halving is set to take place in April, which could act as a tailwind according to some analysts.

Read from our opinion section: Stop worrying so much about the Bitcoin halving

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