Bitcoin, the most famous of cryptocurrencies, reached a new record high on March 5, 2023, exceeding $69,000 very briefly. A remarkable moment, after several years of economic decline, for a crypto-asset boosted by the speculative enthusiasm of an entire industry that was waiting for its strong comeback.
Bitcoin price record high changed. On March 5, 2024, the cryptocurrency surpassed its previous record, which it set in October 2021 at $68,800. While a year earlier, in February 2023, Bitcoin was trading at around $20,000, the cryptocurrency experienced an extraordinary price increase, driven by several favorable stock market indicators. His rise may not stop there.
Bitcoin just printed a new record! pic.twitter.com/J8C1KDKvVp
— Duncan McLeod (@mcleodd) March 5, 2024
Spectacular price increase
The rise in the price of Bitcoin started a few months ago, especially with the arrival of Bitcoin ETFs from Blackrock to the market. ETFs, financial products that make it possible to reproduce the development of the value of certain assets, have met with significant success and increased the demand for cryptocurrency. Bitcoin also benefited from the end of inflation and rumors of a possible central bank rate cut, which have always been good news for cryptocurrencies.
Finally, Bitcoin was driven by the halving, a change in how it works that happens every four years and is always accompanied by impressive price growth. The next halving, scheduled for April 2024, certainly helped boost prices before it even arrived because demand for Bitcoin was so strong.
Anyway, the spectacular rise in the price of Bitcoin signals the end of the bear market, the bearish period that cryptocurrencies have gone through in recent years. Indeed, the price of Bitcoin, considered to be “ the queen of cryptocurrencies », has an impact on all other digital assets, as we have seen especially with Ethereum.
How far will bitcoin go from here? It’s impossible to say, as is often the case with cryptocurrencies. In October 2021, after its previous record high, the price of Bitcoin plummeted, falling almost 50% in a few months. Will the same thing happen again in 2024, or will Bitcoin reach $100,000?