Bitcoin Hits New All-Time High, Supersedes $70k

3月8日

Bitcoin (BTC) price has now soared to an all-time high (ATH) above $70,000 as spot BTC ETF sentiment continues to impact investor mood

For the first time in its more than 14-years, Bitcoin’s (BTC) price has surpassed the $70,000 mark in a massive All-Time High (ATH) debut.

Bitcoin's Inevitable Rally
Bitcoin (BTC) price is now changing hands for $70,083.05, according to CoinMarketCap, up by 2.62% in the past 24 hours. The growth of the digital currency has been on a consistent parabolic surge since the start of the year.

Bitcoin (BTC) price has now crossed two ATHs hence, this week as it previously traded at $69,170 amid the hype in the spot Bitcoin ETF market. In the close to 2 months since the product started trading in the United States, the combined trading volume has now surpassed $100 billion.

The intensity of the Bitcoin (BTC) accumulation from spot BTC ETF issuers has helped spurred the supply and demand imbalance of the cryptocurrency, pushing it to an unprecedented high at the moment. BlackRock, Fidelity Investments, and Grayscale Investments sit at the forefront of the liquidity boost from the spot Bitcoin ETF market.

To boost the overall growth, BlackRock recorded more than $788 million in inflow, amassing a major record since inception. With Bitcoin’s ATH now bridged, the digital currency is currently in price discovery mode with no idea where it might end up.

Expert's Opinion for Bitcoin (BTC)
The break of a new ATH has shifted the paradigm for Bitcoin (BTC) price with many industry leader’s projections about to become validated.

Public figure like Robert Kiyosaki is unrelenting in believing that Bitcoin’s price could soar as high as $1 million sometime in the future. Drawing on Dollar Cost Averaging (DCA), Bitcoin(BTC) growth proponents are optimistic that the continuous accumulation of Bitcoin by spot ETF issuers will solidify the growth prospects of the asset in the long term.

Though the certainty from these projections is unreal, there may be corrections along the way as the industry experienced with the mega selloff recorded this week.