Bitcoin hits new record high

• Bitcoin hit a record high of $69,244 on Tuesday, eclipsing its previous record hit in November 2021.
• The cryptocurrency has surged 61% year-to-date and is up more than 200% over the past year.
• Bitcoin has a total market value of $1.32 trillion, according to data from CoinMarketCap.

The price of bitcoin hit a record high of $69,244 on Tuesday, according to data from StockCharts.com. 

The cryptocurrency eclipsed its prior record of just under $69,000, which was reached in November 2021 before an ensuing bear market led to a 77% price decline by the end of 2022. 

Since bitcoin bottomed in November 2022, it has soared 345%. The cryptocurrency is up 61% year-to-date and up more than 200% over the past year. 

Much of the gains in recent weeks have been driven by demand from spot bitcoin ETFs, which were approved by the SEC in January. Bitcoin ETFs from BlackRock and Fidelity have attracted a combined $17.8 billion in assets.

The anticipation of a halving event in April has also contributed to excitement around the cryptocurrency. The halving event refers to the halving of bitcoin mining rewards, which should further limit new supply of the cryptocurrency.

Bitcoin now has a total market value of $1.32 trillion, according to data from CoinMarketCap. 

And some analysts expect bitcoin to continue hitting new record highs, like Katie Stockton of Fairlead Strategies. Stockton said in a Monday note that if bitcoin closes above its "final resistance" level of $64,900 this Sunday, it would signal further upside of about 18% to $80,600.