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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.
- Bitcoin’s price has skyrocketed since the launch of several U.S. Bitcoin spot ETFs 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.
- Before its record-setting USD price, the asset had already far surpassed all-time highs against other national currencies like the Australian dollar (AUD), the Canadian dollar (CAD), the euro (EUR), and the British Pound (GBP).
- According to Coinglass, 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 2024
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