Bitcoin (BTC) hits new all-time high by surpassing $ 65,000

Bitcoin explodes its previous record

The price of Bitcoin (BTC) has just crossed the symbolic threshold of 64,854 dollars, a threshold once synonymous with a historical record reached on April 14, 2021. By exceeding its previous record and touching the 66,500 dollars at the hour of l ‘This writing, Bitcoin is now entering a phase of price discovery.

This take-off of Bitcoin to new highs brings its total capitalization to more than $ 1,230 billion, while the dominance of Bitcoin over other cryptocurrencies reaches 47.5%. For comparison, on April 14, 2021, Bitcoin’s dominance was approaching 54%.

After many adventures and a long period during which the price of Bitcoin returned to around $ 30,000, the king of cryptocurrencies manages – as always since its creation – to bounce back on its feet. In total, 189 days were enough for Bitcoin to regain its ATH.

No, China’s crackdown on Bitcoin over the past year has not killed it, quite the contrary. Again and again, the fundamentals of cryptocurrency have strengthened day by day, no offense to states and institutions who view the acceleration of its adoption with a dim view.

Today, Bitcoin is supplanting the dollar in El Salvador, since its adoption by the local government as legal tender. Twitter has integrated BTC transactions through the Lightning Network, the sword of Damocles that China carried over Bitcoin is only a distant memory, many countries are considering following El Salvador’s lead.

There is no shortage of initiatives put in place to foster mass adoption of Bitcoin, and it’s a safe bet that this will continue in the years to come. As always, the price of Bitcoin is not immune to a correction, however. Caution is required when a cryptocurrency enters price discovery.

Bitcoin Price

Evolution of Bitcoin’s price since its previous ATH – Source: Trading View – BTC / USDT

At the same time, a handful of other major cryptocurrencies are also approaching their previous records. Ether (ETH) peaks at the time of this writing at $ 4,000, while its ATH is $ 4,350. Much less fit, Binance’s BNB, with an ATH of $ 686, posted $ 495.

Note that this rise is likely correlated with the approval of the first Bitcoin ETF by the Securities and Exchange Commission (SEC).

This exchange-traded fund opens the door to a slew of institutional investors, who have now been waiting for more than 8 years for the approval of a Bitcoin ETF.

However, let’s not forget that these investors also have the ability to short Bitcoin, and therefore cause the price to fall.

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About the author: Clément Wardzala

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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

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