Bitcoin (BTC) enthusiasts are expressing their optimism on social media platform X as the price of BTC continues to soar, approaching a new all-time high of $69,000. At the time of publication, Bitcoin is trading at $68,300, marking a 7% increase over the past 24 hours. The focus of recent discussion has been on Bitcoin’s behavior after reaching a new all-time high.
Bitcoin has a history of doubling its all-time high in a short period of time. In March 2013, the price rallied 158% from $34 to $88 within a month, with a 10-day span where its price doubled. A similar pattern emerged in November 2013 when Bitcoin surged from $200 to $1,000 after surpassing its previous all-time high. This trend repeated in December 2020 when Bitcoin broke its previous high of $19,665 and doubled in just 23 days.
Interestingly, the price surge in late 2020 was attributed to the halving event that occurred in May 2020. However, with more than a month to go before the scheduled 2024 halving, Bitcoin is already nearing its all-time high.
Bitcoin’s score on the Crypto Fear & Greed Index has reached 90 out of 100, its highest score since February 2021. This indicates extreme greed in the market. Additionally, there has been a resurgence in Google searches for “Bitcoin” as its price surpassed $50,000 and $60,000.
The demand for Bitcoin is not only driven by traditional factors but also by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. Since January 11, these ETFs have attracted $7.35 billion in net inflows. BlackRock’s iShares Bitcoin Trust has been particularly successful, becoming the fastest ETF to reach $10 billion in assets in US history. Experts predict that Bitcoin ETF flows could reach at least $150 billion by the end of 2025.
Bitcoin’s market capitalization is also on the rise, making it the ninth largest asset by market cap. It is only 0.9% away from surpassing Silver, which has a market cap of $1.356 trillion. Bitcoin is also climbing the ranks in comparison to state-issued currencies, recently surpassing the Swiss franc to become the 13th largest currency by market cap.
Overall, Bitcoin’s price surge, coupled with increased demand from ETFs, indicates a positive outlook for the cryptocurrency.