After closing the trading week at the highest level in history, the #Bitcoin currency continued to make investors restless and impatient when it suddenly soared above the 72,000 USD mark and then established new highs at around $72,850. With such destructive power, the capitalization value of the largest cryptocurrency on the market has surpassed Silver to rank 8th in the ranking of assets with the largest market capitalization in the world. with a valuation of more than 1,400 billion USD. Previously, also during this historic increase, the total capitalization value of Bitcoin surpassed Meta to enter the top 10 rankings with a value being valued at more than 1,200 billion USD.
Bitcoin's total capitalization has surpassed Silver on the rankings.
Bitcoin's upward momentum still comes from the huge capital inflows of spot Bitcoin ETFs. Over the past week, cryptocurrency funds at asset managers such as #BlackRock , Bitwise, Fidelity, Grayscale, ProShares and 21Shares recorded record inflows totaling $2.7 billion globally. As of March 8, data from BitMEX Research showed that the IBIT fund held 198 thousand Bitcoin, equivalent to more than 13.5 billion USD (AUM). In the trading session on March 11, cash flow statistics into Bitcoin ETFs also reached an extremely high level of more than 505 million USD, of which the IBIT fund alone collected about 562 million USD.
Cash flow data at Bitcoin ETFs.
According to Willy Woo, co-manager at CMCC Crest and Bitcoin analyst, although Bitcoin price has increased beyond the $71,000 mark, this is still just the first phase of the bull cycle. Based on the data compilation process established to evaluate investor behavior, Woo's model suggests that Bitcoin price could increase to $337,000 during this bull cycle.
In other developments, former US President Donald Trump, who previously did not like Bitcoin while in office, changed and expressed his support for Bitcoin on CNBC's Squawk Box program. Mr. Trump said that if elected, the new administration will not suppress Bitcoin or other cryptocurrencies through regulators. The former US President also commented that Bitcoin is a useful form of currency that can support the strength of the USD #USDT .
