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Bitcoin’s value touched $69,045 after surpassing its previous peak of $69,000, hitting a new all-time high.
The upward price trajectory marks an excellent recovery after a 28-month bear market slump, where it dropped by 77%. It took 846 days for the cryptocurrency to rebound from its low point, showcasing a 346% increase in value since its dip to just over $15,000 in late 2022. In 2024, Bitcoin (BTC) has seen a price surge of approximately 70%.
After hitting this all-time high, Bitcoin quickly dipped below $67,000 and as of 10:50 a.m. EST, is currently trading at $67,300.
The cryptocurrency market has faced challenges since BTC’s previous all-time high due to the collapse of Terra Luna‘s ecosystem and the bankruptcy of FTX, among other events that significantly impacted the sector.
The Jan. 11 approval of spot Bitcoin ETFs in the United States is believed to have initiated the recent bull market, with the inflows exceeding expectations.
This article first appeared at crypto.news
