Bitcoin surpassed the $69,000 threshold for the first time in the token’s history, marking a new milestone and a big win for the crypto industry.
Bitcoin briefly reached new heights on Tuesday morning when it hit $69,210 for the first time ever, outpacing its previous highest value of $68,982 on Nov. 10, 2021.
The cryptocurrency has steadily risen since early December, climbing in value weekly. The rally around the most valuable digital asset on the market comes as the Bitcoin network prepares for its next halving event, and investors are getting more acquainted with spot Bitcoin ETFs. Bitcoin has grown by nearly 70% this year, and its new record comes two months after the token celebrated 15 years on the market.
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A year ago, on this day, Bitcoin’s closing price was $22,440, over $40,000 less than what it’s trading for today. It seems like a steep fall, but this was actually when the token was rebounding from its lowest-recorded price of 2022 on Nov. 21, 2022, which was in the $15,780 range.
If you’ve been following the crypto world closely, then you know that the FTX collapse in November 2022 sent the industry into a downward spiral from which it’s still recovering. The entire crypto market was impacted by FTX‘s fall, which sent many crypto lenders into bankruptcy.
Bitcoin has shown the most resilience of all the cryptocurrencies out there and still holds the most value. On the same day that the token reached its new all-time high of $69,210, Bitcoin also fell by nearly 10% at the time of this writing. This is likely due to a spike in liquidations as investors look to earn a quick dollar from Bitcoin’s latest success.
It’s unclear if retail or legacy crypto investors are pulling their assets out, but on Jan. 10, the day the first group of spot Bitcoin ETFs was approved, Bitcoin was trading for around $47,600 at its height, and it’s only been going up since. There has been a wave of retail investors getting in on crypto, thanks to spot Bitcoin ETFs, so maybe they’ll hold their investments through another surge in the token’s value.
I want to say it’s only up from here for Bitcoin, but the crypto market is too volatile to predict. Still, I could see the token surpassing the $70,000 threshold in the next month or so as the network prepares for the next halving event. This moment will tighten Bitcoin’s supply, making the token more scarce as time passes.
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