Bitcoin Sets Lifetime Highs Above $69,000

Bitcoin has jumped above $69,000 for the first time in its 15-year history, setting new all-time highs again after more than 840 days.

According to data on Coinbase Pro, bitcoin’s price reached $69,320 at 15:00 UTC on Tuesday, surpassing the previous record of $69,000 that was set on the crypto exchange on Nov. 10, 2021.

Bitcoin’s price movement became volatile minutes after hitting the $69,000 level, declining to $67,500 before returning to $68,500 as of publishing.

This is also the first time that bitcoin has surpassed its previous record high before an imminent halving. In previous halving events, i.e. November 2016 and May 2020, bitcoin’s price did not set new records until months afterward, in early 2017 and late 2020, respectively.

The all-time high prices have pushed bitcoin’s market capitalization to nearly $1.4 trillion, data from CoinGecko shows.

After remaining mostly flat at around $45,000 since the New Year, bitcoin’s price began to rise in mid-February and continued to surpass the $50,000 and $60,000 levels in less than a month.

Meanwhile, bitcoin’s average hashrate has remained steadily at around 560 EH/s since February, fueling the rise of bitcoin’s hashprice. Data from Luxor’s Hashrate Index shows bitcoin’s daily mining revenue is currently at $120 per PH/s of hashing power.