Bitcoin updates all-time high for the first time since November 2021

The price of bitcoin has reached $ 69,000 for the first time since November 10, 2021. The largest cryptocurrency by market capitalization recently traded at $ 69,000.

The new all-time high was short-lived, as the price of BTC $98,566.84 Bitcoin -0.56% Market capitalization $1.95 trillion VOL. 24 hours $3.87 billion fell by 2.3% over the past hour. According to analysts, the timing of the new ATH is important, especially since it comes a few weeks before the long-awaited BTC halving.

Bitcoin’s rise is also the result of market optimism that emerged after the SEC authorized BTC ETFs earlier this year. In fact, since then, bitcoin has risen by more than 50% on price charts.

Most market participants expect that the hype and demand for Bitcoin ETFs will push the world’s largest cryptocurrency to unprecedented price levels. As AMBCrypto reported a few days ago, the recent rise in BTC’s price has come amid significant institutional interest. For example, according to Coinglass, the open interest (OI) in BTC futures on the CME global derivatives exchange soared to a record high of $ 9.3 billion.

As a reminder, ARK Invest CEO Katie Wood said that an explosive jump in the price of bitcoin to $ 1,500,000 is still possible. In a new interview with science and technology entrepreneur Peter Diamandis, Wood said that ARK’s forecast for the flagship digital asset to reach $ 1.5 million by 2027 still has time to come true.