It is here. Bitcoin’s new all-time high is finally here and the crypto-markets are rejoicing.
Over 2.5 years since the world’s largest cryptocurrency hit an ATH of over $69,044, BTC has finally breached that level on the price charts. It did so by registering a hike of 3.24% over the last 24 hours, and 20.69% over the last 7 days. It crossed the $69,000-mark on Bitstamp and Coinbase.
Source: BTC/USD, TradingView
A hike driven by…
The timing of this new ATH is important, especially since it comes months before the much-anticipated Bitcoin halving over the summer.
The world’s largest cryptocurrency’s performance is also a product of market optimism on the back of the SEC finally agreeing to spot BTC ETFs earlier this year. In fact, Bitcoin has climbed by over 50% on the price charts since.
Simply put, most in the market expect that a combination of tighter supply post the halving and greater demand for BTC through these ETFs will push the world’s largest cryptocurrency to price levels unseen yet.
As AMBCrypto reported a few days ago, BTC’s latest price hike comes on the back of significant institutional interest. For instance, according to Coinglass, The Open Interest (OI) in BTC Futures on global derivatives exchange CME soared to a record high of $9.3 billion.
Source: Coinglass
Similarly, AMBCrypto found that institutional love for Bitcoin has risen over the past few months, with entities holding at least 1K coins climbing by over 5% on a YTD basis.
Source: Glassnode
Is a correction around the corner?
That being said, considering the market’s volatility, a correction may soon be around the corner. However, most experts believe that is unlikely to be a long-term anomaly.
In fact, most experts like Mike Novogratz believe that the world’s largest cryptocurrency can hike to anywhere between $100K and $150K over the next 12-18 months.