As investor sentiment continues to be influenced by spot BTC ETF sentiment, Bitcoin price has risen to an all-time high (ATH) above $70,000.
In a monumental All-Time High (ATH) debut, the price of Bitcoin (BTC) has surpassed $70,000 for the first time in over 14 years.
Bitcoin (BTC) Price Rally
As per the latest data from CoinMarketCap, the current exchange rate for Bitcoin (BTC) is $70,083.05; this represents a 24-hour increase of 2.62%. The digital currency has experienced a sustained parabolic growth trajectory since the beginning of the current year.
The price of Bitcoin has now effectively surpassed two all-time highs for the week, having previously traded at $69,170 amidst the spot Bitcoin ETF market’s sustained excitement. Since the product began trading in the United States nearly two months ago, the total trading volume has surpassed $100 billion.
The peak of the preeminent cryptocurrency, Bitcoin, can be attributed to the supply and demand imbalance that the intensity of Bitcoin accumulation by spot BTC ETF issuers has exacerbated. Grayscale Investments, Fidelity Investments, and BlackRock are at the vanguard of the liquidity increase generated by the spot Bitcoin ETF market.Â
To support the overall expansion, BlackRock accumulated a significant inflow of over $788 million, the highest amount since its establishment. Bitcoin, whose all-time high has been shattered, is presently engaged in price discovery, where its ultimate destination is unknown.
