In a massive surge, Bitcoin officially broke its previous all-time high, surpassing the $69,000 mark. This milestone comes as Bitcoin continues its remarkable rise after spot Bitcoin exchange-traded funds (ETFs) were approved by the United States Securities and Exchange Commission, leading to a large and steady influx of capital into BTC.
OFFICIAL: #BITCOIN REACHED A NEW HIGH ABOVE $69,000 pic.twitter.com/DccMr0Gnc5
– Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The Bitcoin market witnessed a flurry of activity as BTC hit its new high as BlackRock's spot Bitcoin ETF recorded trading volume of over $1 billion for the sixth consecutive day 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 by almost $20,000 that month alone. To put into context how bullish this month has been in terms of price, the bear market low for bitcoin was around $16,000, meaning bitcoin made almost $4,000 more than this month of February alone.
JUSTIN: #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 growing adoption by institutions, growing interest from retail investors, and broader acceptance by traditional financial institutions. Additionally, ongoing geopolitical tensions and inflationary concerns have driven 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 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 purchased over 30,029 BTC, while miners only mined 6,160 new BTC. This massive demand and very limited supply of Bitcoin created every day has been the main driver behind the dramatic increase in the price of Bitcoin.
Here is the weekly summary (February 24 – March 1, h/t @HODL15Capitale).
Keep it simple: there is more demand than new supply. pic.twitter.com/ighWC0hOOi
– Matt Hougan (@Matt_Hougan) March 2, 2024