Price exceeds $7
Bitcoin (BTC) has once again made headlines as its price surged past the $72,000 mark on March 11, 2024. This impressive milestone has sparked early indications of another bullish run in the coming week.
Bitcoin’s performance in 2024 has been nothing short of remarkable, with its price skyrocketing above $72,000 at around 12:00 GMT on March 11. Within the last 72 hours alone, Bitcoin has added over $100 billion to its market capitalization.
This new all-time high of $72,286.9 has also propelled Bitcoin’s market cap to a staggering $1.4 trillion for the first time ever. In terms of year-to-date performance, Bitcoin has achieved a remarkable 73% increase.
The recent surge in Bitcoin’s price can be attributed to speculative traders taking bullish positions and spot traders eagerly anticipating the launch of Bitcoin ETFs. These factors have created a wave of optimism in the market.
Notably, institutional investors such as MicroStrategy and BlackRock are reaping the benefits of their investments in Bitcoin. MicroStrategy, a renowned business intelligence firm, has expanded its digital asset portfolio to include a whopping 193,000 BTC, valued at approximately $13.896 billion. Over the weekend, the company acquired an additional 12,000 BTC, bringing its total holdings to 205,000 BTC worth $14.7 billion. This move highlights MicroStrategy’s confidence in Bitcoin as a valuable store of wealth and investment asset.
On the other hand, BlackRock, the largest asset manager globally, has entered the Bitcoin market through its Bitcoin ETF, currently holding 197,943 BTC. These investments from prominent institutional players underscore the growing acceptance of Bitcoin among traditional investors and mark a significant milestone for regulated diversified assets in the cryptocurrency space.
Bitcoin’s continued rise in value and the increasing interest from institutional investors further solidify its position as a leading digital currency. As Bitcoin continues to make waves in the financial world, many are wondering if it will outperform other cryptocurrencies like Ethereum in 2024. Regardless, Bitcoin’s upward trajectory shows no signs of slowing down, and the market eagerly awaits its next move.
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