BTC’s record price-high follows the impressive performance of spot Bitcoin ETFs and comes just weeks before its fourth halving event.
The price of Bitcoin posted a new all-time high, with BTC changing hands above its previous November 2021 high of $68,640, according to CoinGecko.
BTC last changed hands above $68,730 and followed an 8% move in 24 hours, according to CoinGecko. Bitcoin’s capitalization is also at a record high of nearly $1.35 trillion, while the combined crypto market cap is $2.54 trillion — its highest level since November 2021 and 10% shy of its $2.8 trillion all-time high.
The move has driven nearly $416 million worth of digital asset liquidations over the past 24 hours including $250 million worth of shorts getting margin called, according to CoinGlass. BTC accounted for $132.5 million worth of liquidations.
Spot ETFs propel Bitcoin to new highs
The milestone marks a gain of 156.5% for BTC in almost five months, with BTC rebounding from a low of $26,729 on Oct. 12, The sustained rally has largely been attributed to months of giddy speculation surrounding the then-pending applications for spot Bitcoin ETF, culminating in a frenzy of institutional activity surrounding the sector after the funds debuted on Jan. 10.
The fourth quadrennial Bitcoin halving is also set to take place next month, with the event reducing the rate of new BTC issuance by 50% and placing bullish pressure on the supply and demand dynamic of the Bitcoin markets.
The halving will follow the spot Bitcoin ETFs driving deflationary pressure on Bitcoin, with the funds recently accumulating Bitcoin at a pace exceeding the current rate of new BTC issuance by as much as 1,000%.
The spot Bitcoin ETFs posted their second strongest daily volume on March 4, with $5.5B worth of shares traded, according to data from Bloomberg. BlackRock’s IBIT ETF hosted $2.4B worth of volume alone, with its assets under management climbing to $11B. The funds hosted a record high of $8B in volume on Feb. 28.
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