Bitcoin set for new all-time high as price hits $68,000

• Bitcoin price has touched highs of $68,000 on Coinbase.
• The Bitcoin market cap has surpassed that of Meta Platforms, rising to $1.32 trillion compared to $1.27 trillion.

Bitcoin’s incredible rally over the past few days has extended with another huge upside today. After retreating to lows of $61k last week, Bitcoin price rose more than 7% in 24 hours to hit highs of $68,000 on crypto exchange Coinbase on Monday.

The surge saw $BTC add more than $4,100 to its value, with the leading cryptocurrency closing in on its all-time high reached in 2021. During that bull cycle, the price of Bitcoin rallied to highs of $69,044. Per today’s performance, Bitcoin is less than 2% from that peak.

With spot Bitcoin ETFs frenzy on and the supply shock of the upcoming halving, analysts are saying that $BTC still has a lot of room to grow. ETF analyst Eric Balchunas says the trading volume seen last week is more of “new normal than anomaly.”

The ten bitcoin ETFs a virtual lock to clock their second biggest volume day today. So looks like the big bump up in trading activity last week was more new normal than anomaly. pic.twitter.com/dOfIQ7hhS2

— Eric Balchunas (@EricBalchunas) March 4, 2024

As Bitcoin price surges, its market cap has surpassed that of top assets such as Visa, Tesla, Broadcom and TSMC. On Monday, the bellwether crypto hit $1.32 trillion in market cap, surpassing Meta Platforms that ranks 10th amongst largest assets by market cap with $1.28 trillion.

Bitcoin is now just behind Silver in 9th, with the precious metal in 8th spot with a market cap of $1.358 trillion.