Bitcoin Reaches Record High of $1.35 Trillion, Transiently Surpassing Silver's Market Cap
Summary:
On March 5, Bitcoin reached a record total value of $1.35 trillion, even momentarily surpassing silver's market capitalization to rank as the world's eighth-largest asset. Key factors behind this surge include the approval of Bitcoin exchange-traded funds (ETFs) in the US and investor confidence in futures contracts. MicroStrategy, the largest corporate holder of Bitcoin, also announced plans to raise $600 million to buy more Bitcoin. Bitfinex analysts predict Bitcoin's price could reach $100,000 before the end of 2024.
On March 5, the total value of all Bitcoin in circulation reached an unparalleled peak of $1.35 trillion. Bitcoin's value grew by 3.35% within the 24-hour period concluding at 12:55 pm UTC, bringing the price to $67,322 per unit. Over the past week, Bitcoin, the pioneer cryptocurrency, appreciated by more than 17%, as data from CoinMarketCap reveals. After touching the latest high watermark, Bitcoin transiently became the world's eighth-largest asset as its total value momentarily surpassed that of silver – the world's second most valued precious metal – the latter being worth $1.347 trillion in the current marketplace, according to data from CompaniesMarketCap.
This surge in value comes on the heels of Bitcoin marking its highest culmination of daily trading at $68,245 on March 4, outperforming its earlier record of $67,525 realized on Nov 8, 2021. These recent developments suggest that Bitcoin's value may reach $100,000 before 2024 terminates. Bitfinex Analysts, in their recent research report of March 4 shared with Cointelegraph, confirmed that the green-lighted spot Bitcoin exchange-traded funds (ETFs) in the US have a crucial role in the recent price ascension of Bitcoin.
In February, Bitcoin encountered a significant rise of 44%, signaling its wonderful growth seen since December 2020. Inflows of $7.5bn into Bitcoin ETFs not only propelled growth in the marketplace, but also signaled an optimistic viewpoint for continued opportunities for investment, according to the report. The intense interest in Bitcoin futures on centralized exchanges saw a record peak, signifying solid faith from investors in a lasting upward trend.
Last Friday, March 1, the open interest for Bitcoin futures reached an unprecedented high of more than $26 billion, breaching the former record set up in the final quarter of 2021, sticking at $24 billion. Just a day before Bitcoin's recent high, MicroStrategy – the biggest corporate Bitcoin accumulator – announced its plans to acquire more Bitcoin by raising an additional $600 million. According to an announcement by its executive chairman, Michael Saylor, the capital generation would be through issuance of senior convertible notes.
Published At
3/5/2024 4:22:53 PM
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