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Bitcoin Price Reaches New Heights: How the Cryptoverse Responded

Last Updated March 6, 2024 10:13 AM
James Morales
Last Updated March 6, 2024 10:13 AM
By James Morales
Verified by Peter Henn

Key Takeaways

  • The price of Bitcoin reached a new all-time high of over $69,000.
  • Celebrating the news, Bitcoiners are already looking toward the next high.
  • Leading figures in the space have argued that the recent record is just the start.

It’s been a dramatic 24 hours for Bitcoin, with the cryptocurrency’s price climbing to a new all-time high of over $69,000.

With the cryptoverse united in celebration, an ensuing drop couldn’t supress the jubilant mood. In fact, many Bitcoiners took the opportunity to buy the dip in anticipation of potential new records.

Bitcoin to $69,000 and Beyond?

Following the news that the price of Bitcoin had breached $69,000, Michael Saylor observed that “the price of $BTC is still less than $0.07M.”

The Microstrategy Chairman, known for being on eternally bullish on BTC, has frequently expressed his opinion that the cryptocurrency will ultimately be worth a million dollars per coin or more.

 

Like Saylor, Tyler Winklevoss also forecast the price of BTC to climb much higher. The Gemini co-founder claimed  a new record was “inevitable and just the beginning.”

Philippe Bekhazi, CEO of XBTO expressed a similar opinion. He told CCN: “The leading cryptocurrency already set a new all time high against the Euro earlier this week, so this is not entirely unexpected.”

However, he did note that this happened earlier in Bitcoin’s four-year halving cycle than it has in the past.

He said: “What we are seeing now is a market that is being driven by the spot bitcoin ETFs that were approved at the start of the year.” Bekhazi also pointed out that “a large influx of institutional money”  was now entering the crypto space.

ETFs Drive Bitcoin Price Action

Bloomberg analyst Eric Balchunas said  March 5’s BTC high was just as important for ETFs.

Sharing a chart posted by Bloomberg’s Isabelle Lee, Balchunas argued that throughout 2023 and 2024, the biggest driver of Bitcoin’s surge from $25,000 to $69,000 was Bitcoin ETFs. First, through the anticipation of their approval, and then via the institutional demand for BTC they have created since.

The recent Bitcoin rally is thanks to ETFs being “so damn good at taking something and making it liquid, cheap, convenient and standardized.”

Balchunas also noted that the two mutually benefitted from each other.

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