The price of Bitcoin skyrocketed to approximately $69,324 on March 5th around 3:00 pm UTC, reaching a new all-time high. This remarkable journey began in 2021 with significant highs followed by turbulent lows.
Bitcoin price on March 5th. Source: Coinbase
With this new record, Bitcoin enthusiasts are now setting their sights on mid-April and the upcoming halving event. However, before looking ahead, it’s worth reflecting on the past 846 days and how Bitcoin (BTC) went from $68,900 in 2021 to $15,460 in 2022, only to bounce back in 2024.
Nov. 10, 2021: $68,900
The history of cryptocurrency is filled with memorable moments, from Bitcoin’s humble beginnings in 2009 to its surge from $1,000 to $20,000 in 2017. But in recent years, the main focus has been reclaiming the all-time high from 2021.
On November 10, 2021, Bitcoin had experienced a year of explosive growth, reaching $68,900. The memory of those monumental gains and the euphoric atmosphere on crypto social media during that time has kept Bitcoin enthusiasts hopeful during the crypto winter.
Nov. 20, 2022: $15,460
If reaching $68,900 was the peak experience for crypto enthusiasts, then the subsequent year of decline was their lowest point.
Bitcoin’s value continued to plummet, dropping to $50,000, then $40,000. Finally, around the same time FTX’s bankruptcy made headlines, on November 22, 2022, Bitcoin lost all its previous gains and fell back to $15,460.
June 23, 2023: $30,709
Although Bitcoin quickly began its recovery after plummeting from $68,000 to $15,000, the process was slow. After more than six months, on June 23, 2023, positive momentum finally started to build, and Bitcoin reached $30,000 again, indicating a positive trend.
Jan. 11, 2024: $46,344
Throughout 2023, the sentiment within the crypto community remained optimistic and unaffected.
By December, it was evident that the lows of 2022 and the uncertainty surrounding the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) did not deter the most loyal crypto supporters.
Finally, on January 11, 2024, when the SEC granted approval for spot Bitcoin ETFs, the market initially responded by dropping from $46,344 to under $30,000 by January 20. Although this wasn’t the desired outcome, there was still hope for better days to come.
Feb. 26, 2024: $50,951
Bitcoin started February 2024 with a surge of momentum, comparable to chugging a can of “rocket fuel.”
Starting at $42,000 on February 1, the price climbed to $50,000 by Valentine’s Day. Before March arrived, Bitcoin reclaimed $60,000 for the first time since December 2021, indicating a renewed bullish sentiment.
March 5, 2024: $69,324
This brings us to March 5, 2024. At the time of writing, Bitcoin has retreated from its peak of $69,324, establishing a new all-time high in U.S. dollars for BTC. It currently stands at $65,278.
Eric Demuth, the co-founder and CEO of Bitpanda, shared his thoughts with Cointelegraph:
“What happens next is uncertain. The last time Bitcoin tested the $70,000 resistance point, it experienced a significant crash. However, just as ETF sentiment contributed to the bull run from late 2023 to early 2024, the upcoming halving event could also impact traders of all kinds.”
According to Demuth, there is reason to be optimistic about Bitcoin’s future.