In a historic feat for the cryptocurrency universe, Bitcoin marked a new peak, reaching an impressive value of US$71,800 on March 11th. This 3% advance in the last 24 hours also reflects the vigorous interest and growing confidence in the cryptoactive market.
Likewise, most major altcoins are rising. ETH is up 2% and is above the $4,000 resistance zone. Solana is attempting a move above the $150 resistance. ADA is consolidating above the $0.74 pivot level.
At the time of publication, the price of BTC was quoted at US$71,569.84, up 2.6% in the last 24 hours.
Over the past week, Bitcoin’s primacy in the cryptocurrency market was evident with an increase of more than 10% in its value, and a surprising jump of 47% over the last month. These numbers, which highlight Bitcoin’s robustness and appreciation potential, come at a crucial time, preceding one of the most anticipated events by market enthusiasts and investors: the halving of Bitcoin mining rewards, scheduled for April 20 . This event, which will reduce rewards from 6.25 BTC to 3.125 BTC, is seen as a possible catalyst for future appreciation.
Furthermore, the record precedes another important milestone, that of Ether, which surpassed the US$4,000 mark for the first time since December 2021, just three days earlier. The enthusiasm surrounding these cryptocurrencies signals a phase of optimism and expansion for the sector.
Bitcoin’s meteoric rise is also a reflection of growing institutional appetite, especially evidenced by the adoption of spot Bitcoin exchange-traded funds (ETFs) in the United States. Since their introduction, these ETFs have taken up a significant share of the market, holding over 4% of the total Bitcoin supply, representing over $56.9 billion in holdings. This trend of institutional absorption, which projects an annual capture of 8.65% of the BTC supply, suggests a scenario of growing demand and limited supply, further enhancing the asset’s appreciation.
The past few days have seen an inflow of 33,000 BTC, equivalent to $2.3 billion, into spot Bitcoin ETFs, including significant moves in Grayscale’s GBTC fund, which saw over 10,200 BTC in outflows. This financial move not only underlines institutional investors’ confidence in cryptocurrencies as a viable and promising asset, but also highlights the fundamental role that these financial instruments play in the broader cryptocurrency ecosystem.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/preco-do-bitcoin-escala-novo-ath-alem-dos-us-71-mil/
