Bitcoin’s New Normal: Prices Over Five-Digits for 28% of Its Lifetime

Over the past week, bitcoin has declined by 4% against the U.S. dollar from June 9 to June 16, 2024, yet it has surged over 152% in the past year. This year, bitcoin has maintained a position above the $60,000 mark for a record-setting 107 days so far.

Bitcoin’s Resilient Streak: Maintaining Highs Amid Market Fluctuations

While bitcoin (BTC) surpassed the $70,000 mark for 14 days in 2024, it has maintained a position above $60,000 for a considerably longer period. As of Sunday, June 16, bitcoin’s value stands at $66,572 per unit, approximately 10% below its all-time high of $73,794, set on March 14, 2024. Bitcoin first exceeded the $60,000 level in 2021, remaining above that threshold for 40 days, though not consecutively.

In 2024, bitcoin has been above the $60,000 mark for 107 days, dipping below this level only twice between Feb. 29 and June 16. This brief drop occurred on May 2 and 3, when BTC closed at $58,060 and $59,085 per unit, respectively. Combining the days from 2021 and 2024, bitcoin has been above $60,000 for a total of 147 days.

Since its inception on Jan. 3, 2009, the bitcoin network has been online for 5,643 days. This means BTC has spent 2.6% of its existence above $60,000. Although this is a significant duration, it is less than other price thresholds. For instance, BTC has been above $50,000 for 4.73% of its lifetime, above $40,000 for 9.29%, above $30,000 for 13.72%, and above $20,000 for 20.50% of its existence.

Furthermore, bitcoin has spent 28.09% of its life above the $10,000 level. Notably, BTC was under $0.05 per unit for 9.96% of its existence, below $1 for 14.67%, in the single digits ($1 to $9) for 7.21%, in double digits ($10 to $99) for 6.29%, and in triple digits ($100 to $999) for 23.98% of the time. Finally, BTC was in quadruple digits ($1,000 to $9,999) for 19.67% of its lifetime, or 1,110 days.

As bitcoin fluctuates in value, its resilience above the $60,000 threshold marks a significant era of stability in the five-digit range, despite the occasional dips. This pattern suggests an evolving baseline for the cryptocurrency, reflecting the impact of market dynamics on its pricing. As we progress, the sustained performance above historical levels could hint at a new normal for bitcoin’s valuation.

What do you think about bitcoin’s price over the last decade and the length of time it’s been above the five-digit range? Do you expect the six-digit range any time soon? Share your thoughts and opinions about this subject in the comments section below.

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