Bitcoin officially tapped a new all-time high in US dollars on Tuesday, reclaiming its previous record of $69,000 logged on November 10, 2021.
The new milestone takes Bitcoin’s market cap to over $1.35 trillion, now equal to that of the entire global supply of silver.in January, which made spot BTC a possible investment option for a swath of institutional buyers that couldn’t hold the cryptocurrency directly. The asset’s Tuesday rally began when the U.S. stock market opened at 9:30 am ET– a growing trend as ETFs take up a larger share of Bitcoin’s daily trading volume. The asset trades for $69,101 at writing time., Tuesday’s rally caused $536 million worth of liquidations in 24 hours, $286 million of which were on short trades.
Tuesday’s new high is significant in that it breaks a prevailing trend of Bitcoin only reaching new highs after its periodic “halving” event, which cuts the rate at which new coins are minted in half. The next halving is estimated for April 2024What is Farcaster? Everything You Need to KnowSign-up FREE to receive our extended weekly market update and coin analysis report
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