The price of bitcoin has risen above its previous all-time high, which was $69,010 in November 2021. Per the dashboard, the bitcoin price now has a new all-time high reached on March 5 after gaining 5% in the previous 24 hours, 2024, according to data from Clark Moody.
TakeAway Points:
- Bitcoin has risen above its previous all-time high of $69,000
- According to CryptoQuant, the current surge in Bitcoin is influenced by exchange-traded funds (ETFs).
- The ETFs have introduced passive, price-agnostic demand for Bitcoin to strengthen its status as a store of value, which has led to its price appreciation.
Bitcoin Beats Previous $69000 Price
Bitcoin, the first decentralized cryptocurrency, has risen 5% higher than its previous all-time high price of #69000.
According to a research report by Bitfinex analysts shared with Cointelegraph, exchange-traded funds (ETFs) have introduced passive, price-agnostic demand for Bitcoin, which has strengthened its status as a store of value and led to its price appreciation.
“Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization.”
Bitfinex analysts said.
According to the analysts, the spot ETFs may reduce the volatility of Bitcoin’s decline following new cycle peaks. “The fact we now have ETFs potentially means that any decline following the top of the current cycle could be less drastic than previous downturns. We saw a similar stable trajectory in price after a huge increase following the launch of gold ETFs.”
Bitcoin and ETFs
According to research conducted by CryptoQuant, the current surge in Bitcoin has been significantly influenced by exchange-traded funds (ETFs). ETFs accounted for approximately 75% of fresh investments made in the global cryptocurrency market as it crossed the $50,000 threshold.
Paul Eisma, head of options trading at XBTO Futures, told Cointelegraph that Bitcoin may see considerable volatility following the impending halving, despite the recent all-time high.
“The crypto ecosystem, for the first time, will have simultaneous pressure from the halving’s deflationary supply impact as well as the still ongoing demand shock from the ETFs. The options market December 2024 at-the-money forward break-evens are currently pricing in a range of $55,000–$85,000, with implied volatility around 65%.”
Eisma added.
