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Highlights
- Bitcoin price has retested a new ATH above $70,000
- The coin's growth is fueled by spot Bitcoin ETFs
- Bitcoin is now in price discovery, final destination remain unknown
For the first time in its more than 14-year history, Bitcoin’s (BTC) price has surpassed the $70,000 mark in a massive All-Time High (ATH) debut.
Bitcoin (BTC) Price: An Inevitable Rally
According to data from CoinMarketCap, Bitcoin (BTC) price is now changing hands for $70,083.05, up by 2.62% in the past 24 hours. The growth of the digital currency has been on a consistent parabolic surge since the start of the year.
Bitcoin price has now effectively breached two ATHs thus far this week as it previously traded at $69,170 amid the sustained hype in the spot Bitcoin ETF market. In the close to 2 months since the product started trading in the United States, the combined trading volume has now surpassed $100 billion.
The intensity of the Bitcoin accumulation from spot BTC ETF issuers has helped bolster the supply and demand imbalance of the premier cryptocurrency, dragging it to an unprecedented high at the moment. BlackRock, Fidelity Investments, and Grayscale Investments sit at the forefront of the liquidity boost from the spot Bitcoin ETF market.
To bolster the overall growth, BlackRock recorded more than $788 million in inflow, amassing a major record since inception. With Bitcoin’s ATH now smashed, the digital currency is currently in price discovery mode with no idea where it might end up.
Expert Projections for Bitcoin
The break of a new ATH has shifted the paradigm for Bitcoin price with many industry leader’s projections about to become validated.
Veterans like Samson Mow are unrelenting in believing that Bitcoin’s price could soar as high as $1 million sometime in the future. Drawing on Dollar Cost Averaging (DCA), Bitcoin growth proponents are optimistic that the continuous accumulation of Bitcoin by spot ETF issuers will solidify the growth prospects of the asset in the long term.
Additionally, the hype around Bitcoin halving has helped reboot the confidence in key projections from industry advocates like “Rich Dad Poor Dad” Author Robert Kiyosaki who is convinced that Bitcoin’s (BTC) price may soar as high as $300,000 by the end of this year.
Though the certainty from these projections is palpable, there may be corrections along the way as the industry experienced with the mega selloff recorded this week.
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