Daisy Watts 
Mar 05, 2024
An undated image displaying a Bitcoin.—Pixabay
The value of Bitcoin (BTC) rose beyond $68,600 mark today, demonstrating an immense stride towards breaking its all-time high of $68,999 it touched in November 2021.
Bitcoin, the largest cryptocurrency by market value, was recorded at $68,500 during the intra-day trade in Asian trading session on Tuesday, and reached a session high of $68,828.
The exceptional ascent was reportedly driven by the mounting toll of inflows, following its propulsion to reach $64,000 mark a day earlier.
Read more: Bitcoin price today: World's largest crypto currency surges past $64,000
While heading to set a new record, bitcoin has gained around 50% since January 1, 2024, whose biggest chunk was received during the past few weeks after a surge was observed in the bitcoin funds listed in the US.
What paved the way for this extent of surge is the approval of spot bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission in January this year.
Mirroring the circumstances that led to bitcoin's record hit of almost $69,000 in 2021, the ETFs' approval also beckoned the bigwigs in the realm of cryptocurrency while retaining the optimism surrounding it.
"The appetite to gain exposure to Bitcoin is reaching insatiable levels," said Tony Sycamore, a market analyst at IG.
"While Bitcoin overbought in the short term, the move is far from done, and dips will be well supported with a move towards $80,000 not out of the question." he added.
The record spike in BTC value comes amid the skyrocketing performances on stock indexes from Japan's Nikkei to the S&P 500 alongside the tech-oriented Nasdaq with nosediving scales to measure fluctuation in equities and foreign exchange.
Following the suite, Ether, bitcoin's archrival, has also gained over 50% in its value so far this year as it stood at $3,649 during its last trading session.
