After a series of volatile events, the world's most valuable cryptocurrency has set a new record.
Bitcoin, the world’s most popular cryptocurrency, has once again captured the attention of investors and crypto enthusiasts as it recently hit an all-time high, surpassing the $70,000 mark. This remarkable milestone has reignited discussions about the future of cryptocurrencies and their potential impact on the financial sector.
“Reaching old highs is always difficult, and Bitcoin prices don’t usually fall sharply right away. Volatility is the hallmark of a Bitcoin bull market, and 2024 will see a number of sudden and scary 10-20% drops,” said Antoni Trenchev, co-founder of crypto platform Nexo.
During the volatile trading session on March 8, Bitcoin hit a record high of $70,105. This was the first time the world's largest cryptocurrency surpassed the $70,000 mark. However, just a few hours later, its value quickly dropped to $68,317.72. According to records at 2:49 p.m. on March 11, the price of Bitcoin was at an all-time high, hovering around the $71,210.44 mark.
Bitcoin’s journey to $70,000 has been nothing short of remarkable. Since its creation in 2009, Bitcoin has seen massive volatility but has also shown remarkable resilience. The recent “peak” marks a significant milestone in the digital currency’s development.
Reuters reported that billions of dollars have poured into Bitcoin exchange-traded funds (ETFs) in recent weeks. According to LSEG data, the top 10 U.S. spot Bitcoin exchange-traded funds have also received a net inflow of $2.2 billion, with BlackRock’s iShares Bitcoin Trust (IBIT.O) receiving nearly $2 billion.
The recent excitement around Bitcoin has spread to other digital currencies, most notably Ether, which is second only to Bitcoin in terms of total market value, having increased by more than 60% since the start of the year.