Key Points
- Bitcoin’s new all-time high surpasses $69,044, marking a 20.69% increase over the last week.
- This surge in Bitcoin’s value is attributed to market optimism and increased institutional interest.
Bitcoin, the world’s largest cryptocurrency, has reached a new all-time high, surpassing the previous record of over $69,044. This milestone has been met with celebration in the crypto-markets.
Over the past 24 hours, Bitcoin’s value has increased by 3.24%, and over the last week, it has seen a significant rise of 20.69%. This new high was recorded on both Bitstamp and Coinbase.
The Timing and Factors Behind the Surge
The timing of this new all-time high is significant, as it comes just before the anticipated Bitcoin halving event this summer. The performance of Bitcoin is also linked to market optimism following the approval of Bitcoin ETFs by the SEC earlier this year. Since then, Bitcoin has seen an over 50% increase in value.
Many market participants expect that the upcoming halving event, which will reduce the supply of Bitcoin, combined with increased demand through ETFs, will push Bitcoin to new, unprecedented price levels.
Institutional Interest in Bitcoin
In addition to these factors, increased institutional interest has also played a role in Bitcoin’s price surge. For example, the Open Interest (OI) in Bitcoin Futures on the global derivatives exchange CME reached a record high of $9.3 billion. Furthermore, the number of entities holding at least 1K coins has increased by over 5% on a year-to-date basis.
Despite the market’s volatility, many experts believe that a price correction, if it occurs, will not be a long-term issue. Experts like Mike Novogratz predict that Bitcoin could reach anywhere between $100K and $150K in the next 12-18 months.
