In a massive rally, Bitcoin has officially broken its all-time high, surpassing the $69,000 mark. This milestone comes as Bitcoin continues its remarkable rise after Bitcoin exchange-traded funds (ETFs) were approved by the US Securities and Exchange Commission, resulting in a significant and ongoing inflow of capital into BTC.
Official: #Bitcoin It reached a new all-time high above $69,000 pic.twitter.com/DccMr0Gnc5
– Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The Bitcoin market saw a flurry of activity as Bitcoin surged to a new peak as BlackRock's Spot Bitcoin ETF achieved trading volume of over $1 billion for the sixth day in a row yesterday. Bitcoin's previous all-time high of $69,010 occurred almost three years ago on November 10, 2021, 846 days ago.
For the month of February, Bitcoin had the largest green monthly candle in its history, rising nearly $20,000 in that month alone. To illustrate just how bullish the price was that month, the bottom of Bitcoin's bear market was roughly $16,000, meaning Bitcoin pumped out nearly $4,000 more than that alone in February.
just in: #Bitcoin I had my biggest monthly green candle ever in February 🤯🚀 pic.twitter.com/BsaCIXGTJx
– Bitcoin Magazine (@BitcoinMagazine) March 1, 2024
Bitcoin's meteoric rise has been driven by a variety of factors, including increased institutional adoption, growing interest from retail investors, and broader acceptance by traditional financial institutions. Additionally, ongoing geopolitical tensions and inflationary fears have driven demand for Bitcoin as a hedge against economic uncertainty.
U.S.-traded bitcoin ETFs saw 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, Bitcoin ETFs bought over 30,029 BTC, while miners mined just 6,160 new BTC. This massive demand and very limited supply of Bitcoin being created every day was the main driver that caused 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 Hogan (@Matt_Hougan) March 2, 2024
