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Bitcoin Soars to Record Heights of Over $69K
Last Updated: March 05, 2024
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Key Takeaways
- Bitcoin achieves a new all-time high of over $69,000 on March 5, following a 5% price surge in just 24 hours and 21% in a week.
- The latest surge in Bitcoin's value is largely driven by the launch of new spot Bitcoin ETFs in the US.
- Predictions suggest that Bitcoin ETFs could outgrow gold ETFs in the next two years.
Bitcoin (BTC), the pioneer digital currency, has once again made headlines by surging to its new all-time peak, reaching over $69,000 on March 5.
This ascent came after a 5% increase in its value within just 24 hours.
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Bitcoin witnessed a week of impressive gains, where its price ascended by more than 21%, breaking the record set in November 2021.
The surge can be attributed to the introduction of new spot Bitcoin exchange-traded funds (ETFs) in the United States, which have played a pivotal role in its latest rally. These ETFs have contributed to a stable demand for Bitcoin, reinforcing its position as a reliable store of value.
Research by senior ETF analyst Eric Balchunas and associate analyst Andre Yapp suggests that Bitcoin ETFs might surpass gold ETFs in size within the next two years.
As Bitcoin charts new territory, it continues to captivate enthusiasts and investors. The future is even more intriguing, as the anticipated halving event could introduce new dynamics, with expectations of both deflationary supply impact and continued demand shocks.
This milestone comes less than a week after BTC surpassed $60K.
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