Bitcoin reached a new all-time high, nearing $69,000, before experiencing a significant decline.

Bitcoin (BTC-USD) surged to a fresh all-time peak on Tuesday before retracing as some investors opted to secure profits.

Amid renewed enthusiasm for the world’s leading cryptocurrency, its price soared to $68,869, surpassing the previous record of $68,789 set on November 10, 2021. However, it swiftly plummeted below the $60,000 threshold within hours.

This latest high marks a remarkable resurgence for bitcoin following the crash of 2022, which inflicted significant losses on investors and led to the downfall of prominent industry players such as cryptocurrency exchange FTX and its founder, Sam Bankman-Fried.

The sharp decline from Tuesday’s peak serves as a stark reminder of the enduring volatility surrounding this digital asset, with fluctuations reminiscent of the tumultuous events of 2022, including an 11% drop at one stage.