Bitcoin has shattered previous records by reaching an all-time high of over $69,000, surpassing its previous peak set in 2021. This surge is attributed to robust demand for US-listed exchange-traded funds (ETFs) and the fear of missing out (FOMO) among investors. The cryptocurrency’s value surged ahead of a significant event known as “halving,” expected to take place in April.
Initially, Bitcoin reached a peak of $69,202 before settling at $66,978.12. The cryptocurrency experienced a significant drop in value in 2022, falling below $16,000 during what some referred to as a “crypto winter.”
The recent surge in Bitcoin’s value is linked to the approval of US spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) and anticipation surrounding the upcoming halving event. Consequently, Bitcoin’s market capitalization has surged to $1.31 trillion, marking a 57.77% increase since the beginning of the year.