Bitcoin set a new ATH (all-time-high) by reaching $69,200, surpassing the previous record of $69,010 on November 10, 2021, 846 days ago, albeit only for a brief moment (and then falling back to around $67k).
Bitcoin’s bullish trend
This is the outcome of a bullish trend that has been going on for some time, with Bitcoin benefiting first from expectations of a possible approval of the new BTC spot ETFs, and then from the results obtained by these. The new products, along with renewed community confidence and increased institutional liquidity, have led to a steady increase in demand for BTC, which has now reached an all-time high.
Macroeconomic factors and institutional investors
In addition to various macroeconomic factors related to U.S. monetary policy (especially the management of interest rates in relation to inflation), institutional investors will still support further growth of the first cryptocurrency, according to many experts.
Is this just the new beginning for BTC?
ETFs, in this context, could be just the first stage of a race for new BTC-based investment instruments, and in fact, investment funds’ interest in the asset seems to be on the rise. BlackRock’s (IBIT) ETF recorded $1 billion in trading volume for the sixth day in a row, and this is a testament to the good health of BTC, which ended the month of February with the largest green candle in its history.
With asset managers and other funds looking to diversify their portfolios with Bitcoin, the supply of BTC could shrink further, pushing demand into a continuous upward trend.
Moreover, for many, Bitcoin’s new all-time high would only mark the start of a new cycle, with the rest of the industry still to adapt, starting with Ethereum and altcoins
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