Bitcoin is well on its path to glory. As predicted in our previous post, the major cryptocurrency is back in business from its low point of $16,000 price. This Monday, BTC’s price surged to $65,000 and has continued to climb and is currently floating at around $67,000. At the same time, the crypto market cap has already crossed its all-time high value.
Bitcoin is just on the threshold of its all-time-high (ATH) price of $69,044 from November 2021 and you never know when it may be broken again.
A series of events have helped BTC rebound from its dismal days in 2023. The US SEC approved several spot bitcoin ETFs and billions of dollars of institutional capital flowed into these funds. Bitcoin is halving in April and that is automatically expected to send the cryptocurrency’s price uphill both before and after the event.
Billions Traded in a Single Day
BTC recorded $27 billion in trading volume in just a single day. In a single day, BTC open interest rose 10%, crossing $30 billion.
The Bitcoin network is approaching its fourth halving event. It is a well-known fact that the event always stirs up the BTC price. A high level of value sits atop options contracts that will last up to March 29. There are billions worth of open long contracts betting that BTC will cross $70,000 by the date.
All-Time-High in Other Global Currencies
Interestingly, bitcoin has already touched peak prices in several fiat currencies. This includes the Yen, Pound Sterling, Rupee, and Yuan.
BTC has already crossed the all-time-high value in Euro. The market signals indicate positive signs. The rising interest in Bitcoin and related financial instruments is claimed to encourage new investors.
It is worth knowing that the cryptocurrency market cap has touched its all-time high level. It floated just above $2.8 trillion beating the past figure of $2.7 trillion which was achieved in November of 2021.
Bitcoin is arguably one of the biggest things over the past several decades, especially in the financial world. With this dramatic bounce back, it is expected to create significant records in the near and far future.
