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Bitcoin surged to a record-breaking price of $72,500 today, marking a significant milestone in its 15-year history, according to data from CoinGecko.
The cryptocurrency hit an all-time high of $72,553 approximately an hour ago and is currently trading at around $72,200.
This latest surge follows a recent high of $69,200 on March 5, which was followed by a 14% crash, resulting in roughly $1 billion in losses for investors.
Throughout February and March, Bitcoin has been experiencing upward movements in its price, partly fueled by growing interest in Bitcoin ETFs and anticipation surrounding the upcoming halving event expected to happen in April.
The Bitcoin halving event, last occurring in May 2020, takes place approximately every four years. During this event, the reward for Bitcoin mining is cut in half, aiming to disincentivize miners and decrease the influx of new coins into the network, thereby increasing the value of existing coins.
Analysts have also pointed to increasing interest in Bitcoin ETFs as a driving factor behind the price rally.
On March 8, Matt Hougan, Chief Investment Officer at Bitwise, noted a diverse group of investors, including retail investors, family offices, hedge funds, and venture capital firms, showing interest in spot Bitcoin ETFs. Hougan predicts heightened inflows throughout 2024, particularly in the second quarter.
