This is a segment from the Empire newsletter. To read full editions, subscribe.

No more questioning it: Bitcoin has never been worth this much against the US dollar.

Bitcoin set a bunch of new price records overnight, with the latest — $89,864 — during the super-early hours of Tuesday morning.

That’s 15% above bitcoin’s inflation-adjusted record high from November 2021 ($77,975). Bitcoin has since pulled back to under $87,600 but remains 27% up over the past week.

Bitcoin is now tracking the previous bull market cycle, which spanned from 2018, through the pandemic, to early 2022.

The above chart plots bitcoin’s price performance across major bull cycles…

Read more on Blockworks