The price of Bitcoin surged to around $69,324 on March 5th at approximately 3:00 pm UTC, reaching a new all-time high. This marked the end of an eventful journey that began in 2021 with significant highs followed by periods of volatility.
Bitcoin’s price on March 5th, Source: Coinbase
Now, with a new record achieved, Bitcoin enthusiasts are setting their sights on mid-April and the upcoming halving event. However, before delving into the future, it is worth reflecting on the past 846 days and the series of events that took Bitcoin from $68,900 in 2021 to a low of $15,460 in 2022, and eventually back to its current form in 2024.
November 10th, 2021: $68,900
The history of cryptocurrency is filled with memorable moments, from Bitcoin’s humble beginnings in 2009 to its remarkable surge from $1,000 to $20,000 in 2017. However, in recent years, the focus has been on reclaiming the all-time high reached in 2021.
On November 10th, 2021, Bitcoin experienced explosive growth, reaching $68,900. The memory of those soaring prices and the sense of endless celebration on crypto social media has provided comfort during the crypto winter.
November 20th, 2022: $15,460
If reaching $68,900 was the peak experience for crypto enthusiasts, then the subsequent year of decline was their rock bottom. Bitcoin gradually plummeted, first dropping to $50,000, then $40,000. Finally, coinciding with FTX’s bankruptcy news on November 22nd, 2022, Bitcoin gave up all its previous gains and fell to $15,460.
June 23rd, 2023: $30,709
Bitcoin wasted no time in starting its recovery after being reduced from $68,000 to $15,000. However, the road to recovery was slow. It took over six months for positive movement to gain momentum, and on June 23rd, 2023, Bitcoin finally reached $30,000 again, signaling a turning point.
January 11th, 2024: $46,344
Throughout 2023, the sentiment within the crypto community was predominantly optimistic and unfazed. Despite the lows of 2022 and the uncertainty surrounding the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), loyal crypto supporters remained undeterred.
On January 11th, 2024, when the SEC finally granted approval for spot Bitcoin ETFs, the market responded by dropping from $46,344 to under $30,000 by January 20th. While not the ideal outcome, the community remained hopeful for what was to come.
February 26th, 2024: $50,951
Bitcoin began February 2024 with a surge of momentum, comparable to chugging a can of “rocket fuel.” Starting at $42,000 on February 1st, the price climbed to $50,000 by Valentine’s Day. Before March arrived, Bitcoin reclaimed $60,000 for the first time since December 2021.
March 5th, 2024: $69,324
And now, we arrive at March 5th, 2024. At the time of this article, Bitcoin has retraced from its peak of $69,324, a new all-time high in U.S. dollars. It currently stands at $65,278.
Eric Demuth, the co-founder and CEO of Bitpanda, shared his thoughts with Cointelegraph:
“We are optimistic about the future of Bitcoin. The impending halving event, combined with the positive sentiment surrounding ETF approval, could have a significant impact on traders across the board.”
As for what lies ahead, only time will tell. The last time Bitcoin tested the $70,000 resistance point, it experienced a sharp decline. However, the upcoming halving event, along with other factors, may influence the next phase of Bitcoin’s journey.