of Gasoline Soars to Record High Levels
Bitcoin (BTC) has achieved a significant milestone on March 11, 2024, as its price surges past $72,000, signaling a potential bullish trend in the coming week.
Bitcoin’s impressive performance in 2024 continues to astound, with its price surpassing the $72,000 mark at around 12:00 GMT on March 11. In just 72 hours, the cryptocurrency has added over $100 billion to its market capitalization.
This surge in price has propelled Bitcoin’s market cap to a record-breaking $1.4 trillion, marking the first time it has reached such heights. So far this year, Bitcoin has shown a remarkable performance, with its year-to-date growth standing at an impressive 73%.
The latest bullish wave in the Bitcoin market seems to be fueled by speculative traders who are increasingly placing bullish bets, as well as strategic spot traders who are seeking to get ahead of the opening of Bitcoin ETFs.
Notably, the investments made by major institutional players like MicroStrategy and BlackRock have proved to be profitable. MicroStrategy, a prominent business intelligence firm, has significantly expanded its digital asset portfolio, now holding 193,000 BTC, valued at around $13.896 billion. Over the weekend, the company purchased an additional 12,000 BTC, bringing its total holdings to 205,000 BTC, worth $14.7 billion. This move showcases MicroStrategy’s belief in Bitcoin as a valuable store of wealth and investment asset.
In a similar vein, BlackRock, the largest asset manager in the world, has entered the Bitcoin space by launching its own Bitcoin ETF and currently holds 197,943 BTC. These investments from industry giants like MicroStrategy and BlackRock demonstrate the growing acceptance of Bitcoin among institutional investors and mark a significant milestone for regulated diversified cryptocurrency assets in top US funds.
As Bitcoin continues to soar, it is becoming increasingly clear that it is gaining traction as a reliable investment asset. Its acceptance in institutional circles is growing, and this trend is likely to have a positive impact on its future trajectory.
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