Bitcoin hits new high in baht on Bitkub amid global surge

Bitcoin‘s price achieved an unprecedented high of 2.37 million baht on Bitkub Exchange yesterday, a significant rise prompted by the cryptocurrency’s global price surpassing its previous record of US$69,000 per token in November 2021. This demonstrates an impressive 190% rally in the past year.

Crypto financial intelligence platform, Coin Metrics, highlighted that Bitcoin hit its peak at US$69,210 on March 5, successfully breaking the former record of US$68,982.20 on November 10, 2021.

Research director at crypto data provider Kaiko, Clara Medalie, perceives this new record as “an important psychological milestone.”

“It demonstrates crypto’s remarkable ability to bounce back and continue to persevere despite major headwinds.”

Bitcoin’s price surge has been closely observed by investors since February as its narrative continues to push its price higher. The driving forces behind this surge include the commencement of US spot Bitcoin exchange-traded funds (ETFs) trading earlier this year and a tightening supply ahead of the late April halving.

Compared to the S&P 500 index’s rise of merely 24%, Bitcoin’s price skyrocketed by 150% in the previous year. This outperformance was mirrored on Thailand’s Bitkub Digital Asset Exchange, where prices reached a new high of 2.3 million baht, increasing from the original price of 2,285,500 baht in 2021.

Jirayut Srupsrisopa, founder and group chief executive of Bitkub Capital Group Holdings, considered this a positive sign for the upcoming Bitcoin halving. He suggested that the anticipation of the Bitcoin halving event and trading of spot Bitcoin ETFs are supporting the price in reaching a record high before the halving in April.

Bitkub reported that Bitcoin ETF trades totalled 197 billion baht on Tuesday, March 5, with major institutional investors such as BlackRock (86.4 billion), Grayscale (54.9 billion), Fidelity (38.5 billion), Ark Invest (8.79 billion), Bitwise (5.84 billion), VanEck (984 million), Invesco (908 million), WisdomTree (587 million), Franklin (578 million), Valkyrie (180 million) and Hashdex (11.3 million) contributing to the purchases.

Cryptomind Advisory predicts Bitcoin’s trend in March to be bullish.

“In the medium term, Bitcoin is still showing a clear bullish signal, with the only resistance to watch being the old record price. If there is any standing above this price, it will increase the bullishness even more.”

They further cautioned that a temporary adjustment downwards could occur if the price reaches a new record high. The advisory also noted a bullish trend for Ethereum in the long run, but it may encounter periodic adjustments due to selling for profit, reported Bangkok Post.