The total market value of cryptocurrencies exceeds 2.35 trillion! Bitcoin accounts for more than half

The cryptocurrency market has been turbulent recently, and the performance of Bitcoin in particular has attracted widespread attention.

On March 11, the price of Bitcoin approached the $72,000 mark, once again setting a new historical record.

This leap not only pushed Bitcoin's total market value to a staggering figure of over $1.4 trillion, but also made it surpass silver to become the world's eighth largest asset by market value.

Led by Bitcoin, other mainstream cryptocurrencies such as Ethereum and Dogecoin also showed a clear upward trend.

For example, as of 5:00 p.m. Beijing time on March 11, Bitcoin had risen by nearly 2.5% in the past 24 hours, while Ethereum and Dogecoin had risen by more than 2% and nearly 2.7%, respectively.

This overall upward trend in the market undoubtedly brings optimistic signals to cryptocurrency investors.

Analysts pointed out that the price increase of Bitcoin was affected by many factors.

Recently, billions of dollars of funds have flowed into the Bitcoin spot ETF market, coupled with the Bitcoin "halving" event expected to take place in April, and the market's expectations that the Federal Reserve may cut interest rates in the coming months, have provided strong support for Bitcoin prices.

A cryptocurrency observer said that the market driven by the establishment of Bitcoin ETFs does not seem to be over yet, indicating that Bitcoin may create higher prices in the future.

Not all forecasts are so optimistic.

For example, JPMorgan Chase mentioned in a research report released at the end of February that Bitcoin may face the risk of price adjustment to $42,000 after the halving event in April.

In addition, as a representative of emerging financial markets, the volatility of the cryptocurrency market has always been its inherent characteristic, with higher volatility and sensitivity than traditional financial markets.

Although Bitcoin and the cryptocurrency market behind it are currently showing strong growth momentum, investors still need to be cautious and pay attention to possible market fluctuations and risks.

With the influx of more capital and the increase in market attention, the future of cryptocurrency is full of infinite possibilities, but also accompanied by many uncertainties.

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