Bitcoin soars above $71.5k, achieving an unprecedented peak.
Bitcoin broke a new record on March 11, reaching a high of $71,500 as investors continued to inject more liquidity into the market. The cryptocurrency quickly rose to an all-time high of $71,569 on BitMEX, surpassing its previous record set just days before. This surge in price has also pushed Bitcoin’s market capitalization close to $1.4 trillion, according to CoinMarketCap.
Notably, data from Coinranking showed a significant increase in Bitcoin prices on South Korean crypto exchanges, with prices exceeding $75,000. This spike is largely attributed to the “Kimchi premium,” which refers to the price difference caused by factors like capital controls and high demand in the South Korean market.
In addition to the price surge, spot Bitcoin exchange-traded funds (ETFs) reached a milestone, surpassing $100 billion in trading volume. Yahoo Finance data revealed that BlackRock, the world’s largest asset manager, saw its spot Bitcoin ETF accumulate $10 billion in assets under management, making it the fastest-growing ETF in U.S. history.
Tom Lee, the founder and head of research at FundStrat Global Advisors, expressed optimism about Bitcoin’s future, predicting a potential surge to an incredible $150,000 within the next 12 to 18 months.
As Bitcoin continues to rally, Coinbase stock has also experienced a boost, surpassing its initial listing price. The future looks promising for Bitcoin as it gains momentum and attracts more attention from investors.
Follow us on Google News to stay updated on the latest developments in the cryptocurrency market.
