Bitcoin Surpasses Historic High of $69,000

The leading cryptocurrency has reached a new all-time high, with its price exceeding $69,000 on the Coinbase exchange.

March 5, 2024 | 18:23Update:

Following the new peak, the price of Bitcoin began to decline rapidly. The asset is trading around $65,000.

March 5, 2024 | 18:37Update:

In the past 24 hours, leveraged positions worth approximately $680 million have been liquidated in the market, with the vast majority being longs.

March 5, 2024 | 21:25Update:

The price of Bitcoin has fallen below $63,000.

March 5, 2024 | 21:48Update:

The decline continues. The price is below $62,000.

March 5, 2024 | 22:11Update:

At one point, the price fell to $59,000 but soon rebounded to $62,700.

At its peak, the price reached $69,324. Such levels were last seen 846 days ago, on November 10, 2021.

On Binance, the BTC/USDT rate briefly touched $69,000. At the time of writing, digital gold is trading around $67,570, having increased by more than 50% since the beginning of the year.

MN Trading founder Michaël van de Poppe noted that for the first time in history, a new ATH was reached before, rather than after, the halving.

NEW ALL-TIME HIGH ON #BITCOIN.

For the first time ever, pre-halving has established a new all-time high on Bitcoin’s price action.

Calling for a short-term peak?

— Michaël van de Poppe (@CryptoMichNL) March 5, 2024

Many altcoins responded positively to the flagship’s rapid ascent.

In the past 24 hours, Ethereum’s price has increased by 6.5%, approaching $3,800.

Dogecoin has risen by 5.7% in the same period, trading around $0.18. 

The total market capitalization stands at $2.63 trillion, according to CoinGecko. Bitcoin’s dominance index is 50.4%. 

Previously, the American exchange Coinbase resolved another platform glitch amid the rapid rise in the price of the leading cryptocurrency.

On March 5, Binance reported issues with withdrawals. 

Analysts at JPMorgan predicted a Bitcoin correction to $42,000 post-halving.