Today Bitcoin briefly crossed its all-time high value and touched $69,191.95 shortly after 10 A.M. in New York. As you might expect, it didn’t remain at that price tag for much longer, as traders quickly booked profits.
Earlier, a price tag above $69,000 was touched on Nov. 10, 2021.
You will be surprised to know that, Bitcoin has already surged 50% this year and we are just at the third month of the year 2024. One of the primary reasons behind the surge is massive buying by the newish U.S.-based spot bitcoin ETFs.
When ETFs opened up for business back in the second week of January, Bitcoin was sitting at a price tag of $45,000.
Stefan von Haenisch, head of trading at OSL SG Pte stated that, “Breaking all-time highs, with the current momentum in spot ETFs as well as the upcoming halving narrative, would likely awaken true FOMO — fear of missing out — among participants currently watching markets from the sidelines,”
Furthermore, Novogratz’s Galaxy, teaming with asset management giant Invesco stated that, “Bitcoin is in price discovery phase. Maybe really for the first time since it’s been an asset as now the bulk of U.S. wealth has easy access.”
Early Bitcoin adopter Hunter Horsley is even expecting that $250K Bitcoin could happen much sooner than most who’ve followed the space for years would imagine.
