Bitcoin prices keep hitting new all-time highs, buoying the current rally’s staying power.
The cryptocurrency’s price reached new heights today, rising to as much as $1,228.69 by 15:00 UTC, according to the CoinDesk Bitcoin Price Index (BPI). This recent trend stands in contrast with the fact that markets went more than three years without achieving a new record level.
Up until the last week, the digital currency’s all-time high had been unchanged since November 2013, when it rose to $1,165.89, BPI figures reveal.
On 23rd February, bitcoin prices finally broke through this level, reaching an all-time high of $1,186.33. Since that day, bitcoin has gone on to set a string of new highs, climbing to new record levels including $1,206.60 on 24th February, $1,210.16 on 28th February and today’s fresh high of $1,228.69, BPI data shows.
While bitcoin prices have seen a steady uptrend lately, the digital currency’s price had pulled back slightly at press time, trading at $1,224.73.
Data suggests that traders are primarily bullish in the long-term. The market was an average of 90% long during the seven days through 1st March, according to information provided by cryptocurrency platform Whaleclub. In addition, this measure of sentiment averaged 94% during the 28th February session.
This bullishness is driven in part by expectations surrounding the US Securities and Exchange Commission’s looming decision on the first-ever bitcoin ETF. The SEC has an 11th March deadline to make its decision, one that has been delayed in the past.
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