Bitcoin Hits New All-Time High

Key Takeaways

• Bitcoin hit a new record high on March 5, 2024. 
• The king of cryptocurrencies has had a positive 2024 so far.
• Will BTC continue to rise?

The Bitcoin has reached a new all-time high on Tuesday, March 5, 2024, after having traded above $60,000 for some weeks. The king of cryptocurrencies has started 2024 on a positive trend, thanks to several news that boosted the sentiment among traders.

According to Coinmarketcap , BTC reached $69,170.63 on the afternoon of March 5. Exchange platform Kraken also reported it reached $69,000 around 1300 GMT.

Bitcoin Sets New Record High With USD

Bitcoin surged to a record high above $69,000 on Tuesday, March 5, 2024. This marked a remarkable rebound for the volatile cryptocurrency following its value plunge in 2022 during a market downturn.

Since November 2022, Bitcoin’s price has skyrocketed by over 300%, defying expectations after dropping below $20,000 in 2022. Its previous record, set in November 2021, was just shy of $68,790, fueled by a booming crypto market and widespread interest from novice investors.

Investor enthusiasm for a new financial product linked to Bitcoin has been a key driver of its recent surge. In January, US regulators approved a range of crypto and traditional finance firms to offer Exchange-Traded Funds (ETFs) tracking Bitcoin’s price. These ETFs offer a straightforward investment opportunity in crypto markets without the need to directly hold the virtual currency.

BTC Previously Hit Record Vs. Other Currencies

After seven consecutive days of gains, Bitcoin has now surpassed all-time high prices set in 2021 in all major currencies except the U.S. dollar. BTC has surpassed previous records in pounds, euros, yen, and other major global trading currencies.

Among the world’s top currencies, the Japanese yen ranks third in trading activity after the dollar and euro. Due to the Bank of Japan’s monetary easing policy, the JPY has depreciated by approximately 20% against other major currencies since early 2022. Consequently, Bitcoin achieved a new record price when it exceeded 7,300 JPY on February 14.

For China’s renminbi, also known as the Chinese yuan (RMB), the milestone occurred two weeks later on February 27, when Bitcoin surpassed 449,000 RMB. On the same day, the cryptocurrency also exceeded its previous ATH in South Korean Won.

In Europe, the significant moment arrived last Wednesday, when Bitcoin’s price surged by around €7,000 within 24 hours. It propelled BTC into uncharted territory. Around the same time, the cryptocurrency also achieved a new record price in British pounds

Less than a week later, Bitcoin established a new ATH in Swiss Francs (CHF), concluding its record-breaking performance in European markets.