Breaking: Bitcoin (BTC) Price Breaches $70,000 ATH

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 7D Price Chart. Source: CoinMarketCap

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.

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