Bitcoin's price continues to rise, spot Bitcoin ETFs are in the rearview mirror, and the halving is coming in April. There was renewed euphoria as the price of Bitcoin shot to $64,000 on Wednesday.
“Fourth Bitcoin bull market and it all feels very different,” said prominent Bitcoin podcast host Peter McCormack on Twitter.
Although $64,000 is impressive, the notoriously volatile digital asset has seen significantly larger daily gains in the past. Here are the five biggest daily gains in Bitcoin 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 monthly high of $232.11 the previous day.
November 2013
On November 18, 2013, Bitcoin rose again by another 42%, jumping from a low of $494.94 to a whopping $712.76. The bullish market sentiment reflected the growing real interest in Bitcoin as the first Bitcoin ATMs launched worldwide.
December 2017
The price of Bitcoin rose 27% from $14,057 to $17,899 at the end of 2017, reaching its highest all-time high. Driving the increase was news that both the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) have launched Bitcoin futures trading, allowing institutional investors to gain exposure to Bitcoin.
Where are we today?
With Bitcoin reaching its all-time high of $69,000, sentiment around Bitcoin is good with a rating of 80 or “Extreme Greed” on the Crypto Fear & Greed Index.
Speculators are expecting a massive profit for Bitcoin as the next Bitcoin halving quickly approaches. On Tuesday, Skybridge co-founder Anthony Scaramucci suggested that Bitcoin's price could quadruple after the quadrennial milestone.
Adding to this frenzy are Bitcoin ETFs, where financial institutions snap up Bitcoin to meet customer demand. For example, Blackrock's iShares Bitcoin Trust currently holds 130,231 BTC, worth around $7.9 billion. Grayscale Bitcoin Trust now holds a whopping 466,534 BTC, worth around $28.7 billion.
Edited by Ryan Ozawa.
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