News - Bitcoin breaks through all-time high

By Luc Vesters

Bitcoin breaks through all-time high

Bitcoin (BTC)
Bull run
Price update

Bitcoin has broken its all-time high of €59,716.82. The Bitcoin price continues its upward trend continued with a gain of 6 percent. Compared to the previous week, prices rose more than 25 percent.

Bitcoin has once again broken records and reached an important milestone. On Nov. 10, 2021, the value was €59,716. Now, 845 days later, on March 4, 2024, Bitcoin has reached a new all-time high (ATH) with a value of €60,304.

The rapid rise is due to the huge demand from ETF registrations. The supply on over-the-counter OTC platforms now seems almost empty.

"According to Glassnode is running out of Bitcoin supply on US OTC platforms," it reads on X. Last Wednesday, "only 40 coins were still available on the major platforms." Shares are also declining on mainstream trading platforms.

"I don't think I've seen anything like this before," writes Cryptoslate analyst James Van Straten, referring to last Friday's outflows. On that day, "Bitcoin left the exchanges worth just over $2.3 billion." This was "one of the largest withdrawals in more than 5 years." On Binance alone, Bitcoin went over the counter for US$400 million. This is remarkable "because they have nothing to do with the ETF," Van Straten said.

The supply shortage could be exacerbated by the approaching halving, in which the amount of Bitcoin produced per new block is again halved. The halving will take place at the end of April.

However, the mining industry could lose significant revenue as a result. According to a projection by analysis platform Coinshares, about 14 companies will still be profitable after the halving.

The ATH is an important moment for the crypto market after years of relative silence. As the halfway point approaches, anticipation has noticeably increased. With the recent uptrend, the bull run seems to have officially started.

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