The queen of cryptocurrencies surpassed its all-time high this Tuesday, March 5, trading above its peak reached in November 2021, according to data from Coinmarketcap.

It’s a historic day for the crypto ecosystem. After the great upheavals of 2022 and 2023, bitcoin has exceeded its all-time high of $68,790, reached on November 10, 2021 on Coinmarketcap. The queen of cryptocurrencies was trading around 4:04 p.m. at $68,991, according to data from Coinmarketcap.

For its part, AFP indicates that bitcoin reached a high of $69,191.94, without however specifying the source of the data. On the Coinbase platform, the price also reached $69,324.58, before falling again.

Bitcoin gained 4% in one day, 20% in one week and 59% in one month. Its capitalization amounts to 1,300 billion dollars, bringing the entire crypto market above 2.550 billion dollars in capitalization.

The price of bitcoin can vary by a few dollars depending on the cryptocurrency exchange platforms. BFM Crypto was based on the bitcoin price established by Coinmarketcap, which averages the bitcoin price of different crypto platforms. For example, on November 10, 2021, on Coingecko, the price of bitcoin exceeded its record at $69,045 while on the Binance cryptocurrency exchange platform, its all-time high stood at $68,793.

Several factors explain this surge. On the one hand, the American stock market watchdog (the SEC) authorized 11 spot bitcoin ETFs on January 10, offered in particular by asset managers like Blackrock and Fidelity. Since then, investors have been flocking to these new products. An ETF (or Exchange Traded Funds) is an index fund trading on a stock exchange which follows the evolution of a stock index (or one or more financial or physical assets, such as gold) by replicating the increase as well as the drop in the price of this index (or these assets).

“This summit marks a turning point for digital assets,” said Nathan McCauley, boss and co-founder of the cryptographic platform Anchorage Digital on Reuters. “Institutional investors were once on the sidelines, today they are the main drivers of the rise of cryptoassets.”

Furthermore, some investors are anticipating an event that will take place on April 19: the bitcoin halving. This event consists of the halving, every 4 years, of the number of new bitcoins put into circulation on the market (as rewards to miners who validate transactions). Over the last three halvings, a reduction in the available supply of new bitcoins has caused the value of the asset to increase. Some experts anticipate a further increase in assets after April 2024.


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