Key Points
- Bitcoin’s price has surpassed its previous all-time high of $69,000 after a 28-month-long period.
- The approval of spot bitcoin exchange-traded funds in the United States contributed to the new crypto bull market.
Bitcoin’s Price Rises Above Previous Record
After a period of 28 months and a 77% decline from top to bottom, the price of Bitcoin has finally exceeded its previous all-time high of $69,000. It took the leading cryptocurrency 846 days to reach this point again.
The value of Bitcoin has risen by about 346% since it hit a low above $15,000 in the last quarter of 2022. In this year alone, its value has grown by roughly 70%.
Factors Influencing the Crypto Market
Several events have affected the broader cryptocurrency bear market. The collapse of the Terra Luna ecosystem and the subsequent bankruptcy of the crypto exchange FTX had significant impacts on the larger industry.
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has been a significant factor in sparking the new crypto bull market. The inflows from these ETFs have in many ways exceeded even the most optimistic predictions. The daily exchange volume has increased along with Bitcoin ETF inflows, and has been mostly on the rise since late last year.
On Monday, Bitcoin’s price in euro and British pound terms broke all-time highs. Its market capitalization in U.S. dollar terms also exceeded its previous record high of $1.303 trillion.
