Bitcoin price breaks above previous all-time high of $69,000 after 846 days

After a 28-month-long period and a top-to-bottom decline of 77%, the price of Bitcoin BTC +2.94% surpassed its previous all-time high of $69,000 today. It took the market-leading cryptocurrency a total of 846 days to retrace its steps.

Bitcoin has appreciated approximately 346% since bottoming out above $15,000 in the latter quarter of 2022. This year alone, it has increased by roughly 70%.

Events that impacted the wider cryptocurrency bear market included the collapse of the Terra Luna ecosystem and the subsequent bankruptcy of crypto exchange FTX — both of which hamstrung the larger industry as it took stock of the related contagion. 

For many, the approval of spot bitcoin exchange-traded funds in the United States ultimately spurred on the new crypto bull market, with inflows — in some ways — surpassing even bullish expectations.

Daily exchange volume has surged alongside Bitcoin ETF inflows, largely trending upward since late last year.

Earlier Monday, bitcoin's price in euro and British pound terms broke all-time highs while its market capitalization in U.S. dollar terms broke above its previous record high of $1.303 trillion.