Bitcoin surged to $69,045, surpassing its previous peak and achieving a new all-time high. This upward trajectory signals a remarkable recovery following a 28-month bear market downturn, during which Bitcoin’s value plummeted by 77%. It took 846 days for the cryptocurrency to bounce back from its lowest point, demonstrating a remarkable 346% increase in value since dipping to slightly over $15,000 in late 2022. In 2024 alone, Bitcoin has experienced a price surge of around 70%.
After reaching this historic high, Bitcoin experienced a brief dip below $67,000 and is currently trading at $67,300 as of 10:50 a.m. EST.
The cryptocurrency market has encountered various challenges since Bitcoin’s previous all-time high, including the collapse of Terra Luna’s ecosystem and the bankruptcy of FTX, both of which significantly impacted the sector.
Many attribute the recent bull market to the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States on Jan. 11. The influx of funds into the market following this approval has surpassed expectations, contributing to Bitcoin’s price surge.