Bitcoin achieves a record high against the US dollar
Mitchell Nixon
The value of a Bitcoin reached around $69,324 on March 6 at approximately 2am AEST, marking a new record high. This milestone concludes a remarkable journey that commenced in 2021, featuring significant peaks followed by turbulent lows.
With this fresh all-time high now recorded, Bitcoin enthusiasts are gearing up for mid-April and the upcoming halving event. However, before delving into the future, it’s valuable to reflect on the past 846 days and the trajectory that took Bitcoin from $68,900 in 2021 to a low of $15,460 in 2022 — and its subsequent resurgence in 2024.
The cryptocurrency’s history is filled with memorable moments, spanning from Bitcoin’s modest inception in 2009 to its remarkable surge from $1,000 to $20,000 in 2017. However, the predominant focus in recent years has been on regaining the 2021 all-time high.
On November 10, 2021, Bitcoin had undergone a year of rapid expansion, reaching $69,00. Since then, the recollection of those elongated price candles and the exuberant “this party will never end!” sentiment on crypto social media has provided comfort to Bitcoin enthusiasts during the crypto winter.
For cryptocurrency enthusiasts, reaching $69,000 was the pinnacle, but the subsequent year in a downward spiral marked their lowest point.
The crypto community observed Bitcoin’s gradual decline, first dropping to $50,000 and then $40,000. Ultimately, around the period when FTX’s bankruptcy dominated headlines on November 22, 2022, Bitcoin relinquished all the gains accumulated over the previous two years, plummeting back to $15,460.
Bitcoin wasted no time initiating its recovery after plummeting from $69,000 to $15,000, but the actual process was gradual. It wasn’t until more than six months later, on June 23, 2023, that positive momentum gained traction, and with Bitcoin reaching $30,000 once more, a more optimistic outlook began to emerge.
Throughout 2023, the prevailing sentiment within the crypto community could be characterised as “optimistic and unphased.”
As December approached, it became evident that the lows experienced in 2022 and the uncertainty surrounding the United States Securities and Exchange Commission’s stance on approving a spot Bitcoin exchange-traded fund (ETF) were not enough to shake the steadfast support of the most dedicated crypto enthusiasts.
However, when the SEC finally granted approval for spot Bitcoin ETFs on January 11, 2024, the market reacted by dropping from $48,000 to under $38,400 again by January 23.
Although this outcome wasn’t precisely what the community had anticipated, the belief was that the best was yet to come.
Beginning at $42,000 on February 1, the value surged to $50,000 by Valentine’s Day. Prior to the arrival of March, Bitcoin successfully reclaimed the $60,000 mark, a feat not achieved since December 2021.
Now, as of March 6, 2024, Bitcoin has pulled back from the peak of the day, reaching $69,324, which marked a new all-time high in U.S. dollars for BTC. Presently, it stands at $66,000 as per the Coinbase chart.