Bitcoin (BTC) has officially broken its all-time high in US dollars, defying naysayers who’ve long declared the crypto asset useless and dead.
BTC just edged past its previous all-time high of nearly $69,000, which was set on November 10th, 2021, on multiple major exchanges including Coinbase, Binance and Bitstamp.
At time of publishing, the leading crypto asset has backed down to $68,377, up 3.2% in the last 24 hours.
Bitcoin’s resurgence follows the 2022 collapse of the crypto industry – a fall that devastated scores of investors who placed their capital and trust in Luna, Three Arrows Capital, Celsius, BlockFi, Voyager, Genesis, Digital Currency Group and of course, FTX.
The U.S. Securities and Exchange Commission’s approval of multiple Bitcoin ETFs early this year has unleashed a flood of capital into the leading crypto asset.
The crush of cash pushed BTC past its all-time high ahead of its April halving in a historic first.
BlackRock’s iShares Bitcoin Trust has accumulated $10 BN in just seven weeks — the fastest an ETF has ever hit that milestone and a feat which the first gold ETF took more than two years to accomplish: BBG
— zerohedge (@zerohedge) March 3, 2024
So what’s next?
Historically, BTC has continued to run red hot after reaching its all-time highs.
As noted by Bitcoin researcher and advocate Dylan LeClair, this is how long it took BTC to double in price after passing previous all-time highs:
- December of 2020: 18 days
- March of 2017: 84 days
- November of 2013: 10 days
- March of 2013: 18 days
The last time Bitcoin beat its all-time high, its price tripled in 103 days.
If that were to happen again, it would bring BTC to $207,000.
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