Bitcoin surges to prices last seen two years ago in painful crash days after ATH Bitcoin surges to prices last seen two years ago in painful crash days after ATH
The last time Bitcoin was trading at these levels was in December 2021 — 21 days after it hit a new all-time high of $69,044 on Nov. 10, 2021.
1 min read
Updated: Feb. 27, 2024 at 8:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) surged 6% on Feb. 26 to a new two-year high of $54,910 after US markets began trading, an indication of rising interest in the flagship crypto from retail and institutional investors.
Bitcoin was trading at roughly $54,650 as of press time, up 5.6% on a daily basis, with a market cap of $1.07 trillion, according to CryptoSlate data.
Start of winter
The last time Bitcoin was trading at these levels was in December 2021 — 21 days after it hit a new all-time high of $69,044 on Nov. 10, 2021.
On Dec. 3, 2021, Bitcoin was trading around $54,365 after giving up significant gains over the past three weeks following its rally to a new all-time high amid profit-taking and shifting market conditions.
However, the drawdown had only just begun, as the flagship crypto saw a severe dip over the next 24 hours that took Bitcoin to a painful low of $42,000 before recovering some of the almost $15,000 in losses before the day closed.
By the end of Dec. 4, 2021, Bitcoin was trading at $49,191, down 8.6% over a single day.
ETF performance, halving hype
Spot Bitcoin ETFs have continued their strong performance over February and experienced a significant spike in volume on Feb. 26 to set a new record of $2.4 billion in daily volume.
According to data shared by Bloomberg ETF analyst Eric Balchunas, BlackRock’s spot Bitcoin ETF IBIT posted a record trading volume of $1.3 billion as of press time, which brings it to the top 0.3% of all ETFs and the top 25 of all stocks for the day.
Meanwhile, spot Bitcoin ETF inflows for the past week stood at $583 million. The total is made up of more than $1 billion in inflows, which are offset by $436 million of Grayscale’s GBTC outflows.
Notably, GBTC outflows have slowed down significantly over the past couple of weeks, with the ETF recording only $44.2 million in outflows on Feb. 23.
Bitcoin Market Data
At the time of press 8:47 am UTC on Feb. 27, 2024, Bitcoin is ranked #1 by market cap and the price is up 10% over the past 24 hours. Bitcoin has a market capitalization of $1.11 trillion with a 24-hour trading volume of $48.69 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 8:47 am UTC on Feb. 27, 2024, the total crypto market is valued at at $2.13 trillion with a 24-hour volume of $111.16 billion. Bitcoin dominance is currently at 51.96%. Learn more about the crypto market ›
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.