Bitcoin surpasses $71,000 for the first time in history

For the first time in history, the value of Bitcoin on the cryptocurrency exchange Binance surpassed $71,000 per coin on March 11th, according to CoinDesk data. At its peak, the world’s most popular cryptocurrency was worth $71,440.88, with some exchanges even demonstrating rates approaching $72,000. At the time of publishing this article, Bitcoin’s value stood around $71,300.

It’s noteworthy to mention that over the past 30 days, Bitcoin’s price has increased by over 50%, and the cryptocurrency’s market capitalization has exceeded $1.38 trillion. Other digital assets in the market are also experiencing positive dynamics. Many cryptocurrencies in the top 10 by market capitalization have appreciated by 10–30% over the last seven days. For example, Ethereum, the second most popular cryptocurrency, grew almost 4% in the last 24 hours, reaching $3980 per coin at the time of publication, having even exceeded $4000 earlier in the day.

One of the main drivers of this growth is the so-called ‘Bitcoin halving’, which is anticipated to occur next month. This scheduled event will result in the issuance of new Bitcoins halving. Moreover, the sharp surge in Bitcoin’s price can be traced to a considerable inflow of funds into American spot exchange-traded funds (ETFs) since they began trading Bitcoin in January this year. The Bitcoin ETF run by the company BlackRock already holds about 200,000 Bitcoins, valued at approximately $14 billion. Currently, the market is anticipating the approval of an Ethereum ETF.

Related Posts