Bitcoin’s price soared above its previous all-time high of $69,000 today, marking a significant milestone after a prolonged 846-day journey.
The leading cryptocurrency’s resurgence comes after a tumultuous period, characterised by a 77% decline from its peak.
Since bottoming out above $15,000 in late 2022, Bitcoin has seen a remarkable appreciation of approximately 346%.
This year alone, its value has surged by around 70%, buoyed by various market factors.
The cryptocurrency market faced challenges in the form of the collapse of the Terra Luna ecosystem and the subsequent bankruptcy of crypto exchange FTX, which had ripple effects across the industry.
However, the approval of spot bitcoin exchange-traded funds (ETFs) in the United States acted as a catalyst for the new crypto bull market, surpassing bullish expectations in terms of investor inflows.
Daily exchange volume has surged alongside Bitcoin ETF inflows, showing an upward trend since late last year.
Moreover, earlier on Monday, Bitcoin’s price reached all-time highs when measured in euro and British pound terms, while its market capitalisation in U.S. dollar terms surpassed its previous record high of $1.303 trillion, further affirming its dominance in the digital currency space.
