Bitcoin Price Hits Record High of $71K as Bullish Momentum Intensifies
In Brief
Bitcoin price reached $71,210 surging past the $71K threshold, showcasing its growing significance in the global financial landscape.
Bitcoin price surged past the $71K threshold on March 11, marking a significant milestone in its upward trajectory amidst a broader cryptocurrency rally. Currently trading just shy of $71,300 at $71,210 — the crypto has exhibited a growth rate of 2.59%.
This surge to $71K follows an ongoing rally initiated in mid-October 2023, gaining momentum notably on January 11 with the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). The approval of these ETFs has provided both institutional and retail investors with a regulated avenue to invest in bitcoin, thereby expanding its investor base and fueling demand.
As of now, Bitcoin ETFs have amassed over 790,000 BTC, valued at more than $55 billion at current market prices. Institutional buying demand, strengthened by historical gains associated with Bitcoin’s halving event, coupled with a prevailing euphoric sentiment, positions the asset on a trajectory to potentially surpass its all-time highs further.
Despite the optimism surrounding the cryptocurrency market, seasoned investors remain cautious, mindful of the volatility that has historically characterized bitcoin’s price movements. The memory of the so-called “crypto winter,” during which bitcoin plummeted to below $15,000, looms large. With this latest milestone, Bitcoin‘s market capitalization now exceeds $1.5 trillion, underlining its growing significance in the global financial landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
