The price of Bitcoin continues to surge, with spot Bitcoin ETFs in the rearview mirror and the halving coming in April. Renewed euphoria has swirled as the price of Bitcoin skyrocketed to $64,000 on Wednesday.
“Fourth Bitcoin bull market, and this all feels very different,” prominent Bitcoin podcast host Peter McCormack said on Twitter.
Fourth Bitcoin bull market and this all feels very different.
Lessons from the others:
- 2013 spent all my Bitcoin Ended 2013 with 0 #bitcoin.
- 2017 bought ing 90% of my stack.
- 2021 built businesses and stacked…— Peter McLovin 🏴☠️ (@PeterMcCormack) February 29, 2024
While $64,000 is impressive, however, the notoriously volatile digital asset has seen much more significant single-day gains in the past. Here are the top five biggest single-day gains in Bitcoin’s history, according to CoinMarketCap.
April 2013
The price of Bitcoin jumped 42% from a low of $98.20 to a high of $150.85 on April 12, 2013, after falling from a high for the month of $232.11 the day before.
November 2013
Bitcoin again jumped another 42% on November 18, 2013, jumping from a low of $494.94 to a staggering $712.76. The bullish market sentiment reflected growing real-world interest in Bitcoin as the first Bitcoin ATMs began rolling out worldwide.
December 2017
The price of Bitcoin rose 27% from $14,057 to $17,899 at the end of 2017, at the time its most significant all-time high. Leading the surge was news that both the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) launched Bitcoin futures trading, allowing institutional investors to gain exposure to Bitcoin.
Where are we today?
With Bitcoin closing on its all-time high of $69,000, sentiment around Bitcoin is buoyant with an 80 or Extreme Greed rating on the Crypto Fear & Greed Index.
Signs of bulla
📈 BTC and ETH go back to all-time-highs
🥇Coinbase becomes the #1 downloaded app
⛽ Gas spikes everywhere except @zksync pic.twitter.com/Be7gSCssUO
— zkSync (∎, ∆) (@zksync) February 29, 2024
Speculators expect a massive windfall for Bitcoin with the next Bitcoin halving fast approaching. On Tuesday, Skybridge co-founder Anthony Scaramucci suggested the price of Bitcoin could quadruple after the every-four-year milestone.
Adding to this frenzy are the Bitcoin ETFs, where financial institutions are snatching up Bitcoin to satisfy customer demand. For example, Blackrock’s iShares Bitcoin Trust currently holds 130,231 BTC around $7.9 billion. Grayscale Bitcoin trust now holds a whopping 466,534 BTC worth around $28.7 billion.
