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Bitcoin New All-time High Returns After 846 Days

Key Points:

Bitcoin new all-time high reaches $69,045 after 846 days, marking a historic milestone in its recovery journey.
Ethereum also sees gains as Bitcoin’s market capitalization surpasses $1.3 trillion, reclaiming its previous peak.
Analysis reveals 100% of Bitcoin addresses are in profit, fueled by buying pressure from U.S.-based spot Bitcoin ETFs.

According to CoinMarketCap data, Bitcoin (BTC) has shattered its previous record high, soaring to $69,045 on Tuesday, marking a historic moment after 846 days.

Bitcoin New All-time High Returns After 846 Days 2

Bitcoin New All-time High Returns to $69,000 Mark

Bitcoin new all-time high comes amidst a 28-month-long journey of recovery, witnessing a remarkable turnaround from a bottoming out above $15,000 in late 2022. The leading cryptocurrency’s resurgence has been nothing short of remarkable, appreciating by approximately 350% since its lowest point. In 2024 alone, it has seen an increase of roughly 70%.

This recent surge saw Bitcoin briefly touch $68,000 late Monday before overcoming resistance and surging past its previous all-time high. Ethereum (ETH) also saw gains, hovering near $3,800. Bitcoin’s market capitalization surpassed $1.3 trillion, reclaiming its previous peak and reaching an all-time high in various currencies, including the euro.

Bitcoin Investors Rejoice as 100% of Addresses Turn Profitable

An analysis by on-chain data aggregator IntoTheBlock revealed another significant milestone: 100% of Bitcoin addresses, totaling 1.06 million, are currently in profit. This remarkable feat underscores the widespread optimism surrounding Bitcoin’s current trajectory.

Bitcoin new all-time high is largely attributed to the substantial buying pressure from newly established U.S.-based spot Bitcoin ETFs. Since their inception on January 11, these ETFs have fueled a historic rally. Initially priced at around $45,000, Bitcoin swiftly rallied above $50,000 by mid-February, experiencing a brief dip before resuming its upward trajectory.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.