It seems like the New Year's 12 o'clock moment with fireworks. Bitcoin is breaking one all time high after another in various currencies. In Euro, we are already over 3,000 above the previous ATH.
The Bitcoin price reached a new record above $69,200 and analysts believe BTC's rally still has a ways to go.
The price of Bitcoin (BTC) reached a new all-time high above $69,200 on March 5 after rising 5% in the past 24 hours.
The world's first cryptocurrency rose more than 21% in the past week, shattering the previous all-time high price of $68,990, which was registered on Coinbase exchange on Nov. 10, 2021.
The record high follows large inflows of the new spot Bitcoin exchange-traded funds (ETFs) in the United States.
ETFs have introduced passive, price agnostic demand for Bitcoin, reinforcing its status as a store of value, leading to a rise in price, according to a research report by analyst Bitfinex.
According to analysts, spot ETFs could dampen Bitcoin's downward volatility after reaching new cycle tops.
Bitcoin ETFs have been a key element of the current rally. So far, Bitcoin ETFs account for about 75% of new investments in the world's largest cryptocurrency when it passed the $50,000 mark on Feb. 15, according to research by CryptoQuant.
Bitcoin ETFs could overtake gold ETFs in assets under management (AUM) over the next two years, according to a Feb. 26 research report shared by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp.
Despite the new all-time high, Bitcoin could experience significant volatility after the halving, according to Paul Eisma, head of options trading at XBTO Futures.