Bitcoin price reached a new all-time high above $69,200 on March 5 after gaining 5%&nbsp;in the previous 24 hours.
The world’s first cryptocurrency rallied over 21%&nbsp;during the past week to shatter the previous all-time high price of $68,990, which was recorded on the Coinbase exchange on Nov. 10, 2021.
The record high follows large inflows from the new spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) exchange-traded funds (ETFs) in the United States.&nbsp;
The ETFs have introduced passive, price-agnostic demand for Bitcoin, which has fortified its status as a store of value and led to its price appreciation, according to a research report by Bitfinex analysts shared with Cointelegraph.
<blockquote data-ct-non-breakable="true">
 “Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization.”
</blockquote>
According to the analysts, the spot ETFs could dampen Bitcoin’s downside volatility after reaching new cycle tops:
<blockquote data-ct-non-breakable="true">
 “The fact we now have ETFs potentially means that any decline following the top of the current cycle could be less drastic than previous downturns. We saw a similar stable trajectory in price after a huge increase following the launch of gold ETFs.”
</blockquote>
Bitcoin ETFs have been an important element of the current rally. By Feb. 15, the&nbsp;<a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment" rel="noopener noreferrer nofollow">Bitcoin ETFs accounted for about 75%</a> of new investment in the world’s largest cryptocurrency&nbsp;as it surpassed the $50,000 mark, according to CryptoQuant research.
<a href="https://cointelegraph.com/news/microstrategy-adds-3k-btc-etfs-surpass-gold" rel="noopener noreferrer nofollow">Bitcoin ETFs could overtake gold ETFs</a> in assets under management in the next two years, according to a Feb. 26 research report shared by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp.
Despite the new all-time high, Bitcoin could experience significant volatility after the upcoming halving, according to Paul Eisma, head of options trading at XBTO Futures. Eisma told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “The crypto ecosystem, for the first time, will have simultaneous pressure from the halving’s deflationary supply impact as well as the still ongoing demand shock from the ETFs. […] The options market December 2024 at-the-money forward break-evens are currently pricing in a range of $55,000–$85,000, with implied volatility around 65%.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/ether-etf-approval-insights-keyrock-ceo" rel="noopener noreferrer nofollow">Crypto’s next leap: Ether ETFs through Keyrock’s kaleidoscope</a>
This is a developing story, and further information will be added as it becomes available.

Bitcoin price hits a new all-time high

Cointelegraph

Other articles published on Mar 5, 2024

Crypto Analyst Sees Dogecoin Reaching Half A Dollar Soon, Says 'DOGE Has Plenty More Left In The ...

Dogwifhat Price Prediction: WIF Pumps Again For 369% Gain In A Week As The Second Coming Of This ...

Bitcoin’s Block Reward Halving Grabs Market Spotlight

Bitcoin Set For Worst Day In 16 Months After Major Reversal From All-Time High: Chart Shows 2 Bea...

Vitalik Buterin’s Ethereum move makes buzz

Bitcoin Soars to Record Heights, Ensuring Profit for Every Holder

Join our free newsletter for daily crypto updates!