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Bitcoin Makes New All Time High

Updated: May 1




According to a report from Cointelegraph, on March 5, the value of Bitcoin skyrocketed, hitting an unprecedented peak of above $69,200, marking a 5% surge in the previous day alone. 


The digital currency, which was the first of its kind in the world of cryptocurrencies, experienced a remarkable rally, soaring over 21% in the past seven days. This surge shattered the previous record high of $68,990, a figure that was recorded on the Coinbase exchange back on November 10, 2021.



This new record-breaking high is a testament to the robust strength of Bitcoin, which was bolstered by substantial inflows from newly launched Bitcoin exchange-traded funds (ETFs) in the United States. 



A research report by Bitfinex analysts shared with Cointelegraph states: “Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization.”


According to the analysts, the spot ETFs could lessen Bitcoin’s downside volatility after hitting new cycle tops:


“The fact we now have ETFs potentially means that any decline following the top of the current cycle could be less drastic than previous downturns. We saw a similar stable trajectory in price after a huge increase following the launch of gold ETFs.”


Bitcoin ETFs have been instrumental in this recent surge, introducing a passive, price-agnostic demand for the digital currency. This has solidified Bitcoin's standing as a reliable store of value, leading to an increase in its price. This is according to a research report shared by Bitfinex analysts with Cointelegraph.


By February 15, Bitcoin ETFs had accounted for approximately 75% of all new investments in the world's leading cryptocurrency, as it crossed the significant milestone of surpassing the $50,000 mark. This is based on research conducted by CryptoQuant.


Looking ahead, it's predicted that Bitcoin ETFs could potentially surpass gold ETFs in terms of assets under management within the next two years. This forecast was shared in a research report on February 26 by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp.



In spite of the new all-time high, Bitcoin could encounter substantial volatility after the upcoming halving, according to Paul Eisma, head of options trading at XBTO Futures. Eisma told Cointelegraph:


“The crypto ecosystem, for the first time, will have simultaneous pressure from the halving’s deflationary supply impact as well as the still ongoing demand shock from the ETFs. […] The options market December 2024 at-the-money forward break-evens are currently pricing in a range of $55,000–$85,000, with implied volatility around 65%.”



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