Bitcoin price hits all-time high, a month before expectations

Bitcoin hit a record high of $69,210 on Tuesday.

The record prices come almost a month before expectations that revolved around the upcoming halving season.

Bitcoin's value reached a peak of $69,210, as reported by Coin Metrics, propelled by the momentum of this year's surge.

This surge has been driven by enthusiasm surrounding Bitcoin ETFs and anticipation of the forthcoming halving event.

The leading digital currency surpassed its former peak price of $68,982.20, which was recorded on November 10, 2021, according to data from Coin Metrics.

The price of bitcoin has hit a record high against the pound, rising above £54,000 on Tuesday for the first time in its history.

Bitcoin has also seen record highs against other major fiat currencies, reaching a new high against the Japanese Yen last month, with both the UK and Japan falling into recession at the end of last year.

The latest bitcoin rally has been primarily driven by institutional investment following the US Securities and Exchange Commission (SEC) to approve the first ever spot exchange-traded fund (ETF) for bitcoin in January.

This has seen major investment firms enter the crypto market for the first time, while also buoying sentiment for retail investors.