Bitcoin Sets New All-time High as Price Hits $70,000 Threshold

• The price witnessed a correction and came down to around $68,834 at the time of writing.
• The leading cryptocurrency has now set a new all-time high.

The price of Bitcoin (BTC) has skyrocketed to a new All-Time High (ATH) of $70,000, marking a first for the cryptocurrency in over 14-year of existence. The price of Bitcoin (BTC) witnessed massive bullish momentum today, and breached slightly above $70,000. Since the new year began, the value of BTC has increased at an exponential rate. However, following the surge the price witnessed some correction and came down to around $68,834 level at the time of writing as per CoinMarketCap.

Due to the ongoing excitement around Bitcoin exchange-traded funds (ETFs), the price of bitcoin has surpassed two all-time highs (ATHs) this week, with a prior level of $69,170. Over the last two months, the product’s aggregate trading volume in the U.S has reached $100 billion.

Supply and Demand Mismatch

The leading cryptocurrency is now at an all-time high due in large part to the supply and demand mismatch, which has been exacerbated by the aggressive Bitcoin accumulation by spot BTC ETF providers. When it comes to the liquidity boost that the spot Bitcoin ETF market provides, BlackRock and Fidelity Investments are at the top of the heap.

Contributing to the total expansion, BlackRock achieved a key record since its founding, with an inflow of more than $788 million. Now that Bitcoin’s all-time high has been broken, it is undergoing a period of price discovery during which its future trajectory is uncertain.

Many industry leaders’ predictions are set to come true, as the structure for Bitcoin pricing has transformed with the breach of a new ATH.

Several analysts continue to have the unwavering belief that Bitcoin’s value might reach $1 million at some point in the near future. Using Dollar Cost Averaging (DCA), Bitcoin growth advocates are hopeful that spot ETF issuers will continue to accumulate Bitcoin, which will strengthen the asset’s long-term growth prospects.

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