Bitcoin has set a new historical record by surpassing the critical $69,000 threshold for the first time, driven by sustained interest in spot Bitcoin exchange-traded funds (ETFs). According to Coinmarketcap data, the global cryptocurrency market value has increased by over 3% in the last 24 hours, exceeding $2.54 trillion.
With the continued rise in investment in spot Bitcoin ETFs, Bitcoin's value has appreciated by more than 2.6% in the past 24 hours. One of the contributing factors to this surge is the expectations arising from major central banks lowering interest rates and moving towards a more supportive monetary policy.
Testing the $69,000 level back in November 2021, Bitcoin reached a new all-time high today at $69,170. However, following profit-taking activities after the record level, the price of Bitcoin retreated back to the $68,000 range.
Having gained 157% in value last year, Bitcoin is entering a period where analysts anticipate continued upward momentum in its price due to the upcoming halving process in April, which will reduce the new supply of Bitcoin.
On the other hand, Ethereum, ranked second in terms of market capitalization, gained 6.6% in the last 24 hours, reaching $3,793. Ethereum had previously set a record by surpassing $4,000 in 2021.
Furthermore, the U.S. Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11, indicating increasing institutional interest in the cryptocurrency market.