- Bitcoin hits new all-time high, surpassing $69,000 amid upcoming halving event.
- Bitcoin skyrockets 60% in a month, with 205% year-to-date growth.
- Newly approved US bitcoin ETFs and halvings propel demand, outpacing mining supply.
Bitcoin has hit a new all-time high, surpassing $69,000 for the first time since November 2021. The cryptocurrency’s surge comes ahead of its upcoming halving event in mid-April and on the heels of the U.S. approving 11 spot bitcoin ETFs in January.
60% growth in a month!
Over the past month, bitcoin has skyrocketed 60%, and a remarkable 205% year-to-date, data from CoinMarketCap shows. Its market dominance remains strong at 52% of the total $2.55 trillion crypto market cap.
Halvings and ETFs propel Bitcoin’s momentum
Bitcoin halvings, which occur every four years to control supply, have historically boosted demand and prices in the following months.
The newly approved U.S. bitcoin ETFs have also unleashed pent-up institutional investment into the market.
Notably, demand for bitcoins from ETFs now outpaces new supply from mining, according to HODL 15 Capital data shared by Bitwise’s Matt Hougan.
This supply/demand imbalance is propelling bitcoin’s momentum towards the halving event.
