climb, peak
Markets  •  News  •  Prices

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.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

PricesMarkets

Load Comments