It’s historic! As halving approaches and Bitcoin spot ETFs become increasingly popular, Bitcoin has just set a new price record, surpassing its previous ATH of $69,044. Will BTC continue to rise? Will the Ethereum blockchain’s ETH follow suit?
New ATH for Bitcoin
It did it! After 2 years, 3 months and 24 days, Bitcoin has managed to surpass its previous all-time high (ATH) of 69,000. The major cryptocurrency exchanges have all surpassed the $69,000 threshold on the BTC/USD pair, and the Bitcoin index has gone for $69,150.
The Bitcoin price has been soaring since January 23, 2024, a few days after the cryptocurrency arrived on Wall Street via Bitcoin spot ETFs, the investment products on which the biggest asset managers in the United States are rushing.
Bitcoin price evolution
At the same time, Bitcoin’s halving event is drawing inexorably closer, and should take place on April 24 according to the latest estimates. Following the halving, the production of new BTC will be divided by 2, dropping from 6.25 units to just 3.125 units when a new block is mined.
So, while demand for BTC increases worldwide, supply will become scarcer and far fewer BTC will reach the markets. If this strong demand continues, and spot Bitcoin ETFs continue to attract capital, the price of BTC could continue to rise, and why not, finally surpass the symbolic $100,000 threshold.
The surpassing of the $69,044 mark was only brief, however, and BTC’s price fell back sharply afterwards. The king of cryptocurrencies is currently trading at $68,330, almost $1,000 less than the $69,150 it reached earlier.
The ETH’s turn on the Ethereum blockchain?
Now that Bitcoin has launched its ascent to new heights, the eyes of the crypto community are turning to the Ethereum ETH, the 2nd largest cryptocurrency in terms of capitalization.
With an ATH set at $4,878 and evolving at the time of writing around $3,532, ETH will still need to see a rise of over 25% to beat its previous all-time high.
Will it? Although ETH doesn’t yet have its own spot ETFs, the imminent rollout of the Dencun update should greatly enhance the capabilities of the Ethereum blockchain.
Scheduled for March 13, this update, which will bring Proto-Danksharding technology, is eagerly awaited by the community and could come at an opportune moment to help ETH on its way up.
