Bitcoin Shatters Records, Surges Past $71,000 on All-Time High!
Bitcoin (BTC) has defied gravity, reaching a new all-time high of $71,415 on March 11th. This marks a staggering 2.62% increase in the 24h
Arslan Butt•Monday, March 11, 2024•1 min read
Bitcoin (BTC) has defied gravity, reaching a new all-time high of $71,415 on March 11th. This marks a staggering 2.62% increase in the 24 hours leading up to 8:05 am UTC.
This historic feat comes on the heels of a remarkable week for Bitcoin, with a 10% rally and a 47% surge in the past month, according to CoinMarketCap. This new peak arrives just three days after Ethereum breached the $4,000 mark for the first time since December 2021, highlighting a strong momentum across the cryptocurrency market.
Perfect Storm of Bullish Factors
Several factors are contributing to Bitcoin’s record-breaking run:
- Approaching Bitcoin Halving: The much-anticipated Bitcoin halving event, scheduled for April 20th, is just around the corner. This event will see mining rewards for new blocks cut in half, potentially restricting supply and driving prices up.
- Institutional Embrace: The London Stock Exchange (LSE) is now open to applications for Bitcoin and Ethereum ETNs. This move by a major financial player signifies growing mainstream acceptance of cryptocurrencies as legitimate investment assets.
- ETF Boom: The arrival of spot Bitcoin ETFs in the US has undeniably fueled the current rally. BlackRock’s IBIT ETF alone holds nearly 200,000 Bitcoins, exceeding the holdings of even the world’s largest corporate Bitcoin holder, MicroStrategy. This signifies a significant influx of institutional capital into the Bitcoin market.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
ABOUT THE AUTHOR
See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals