Bitcoin achieved a significant milestone on March 11, surpassing the $72,000 mark amidst a broader cryptocurrency rally. Currently trading just below $71,500, Bitcoin has shown a growth rate of 3.59%.
This surge is part of an ongoing rally that began in mid-October 2023, gaining momentum after the approval of Bitcoin ETFs by the U.S.
Securities and Exchange Commission (SEC) on January 11. These ETFs have expanded Bitcoin’s investor base and driven demand, accumulating over 790,000 BTC valued at more than $55 billion.
Institutional buying demand, coupled with historical gains linked to Bitcoin’s halving event, suggests potential for surpassing previous all-time highs.
However, seasoned investors remain cautious, mindful of Bitcoin’s historically volatile price movements, and memories of the “crypto winter.”
With this milestone, Bitcoin’s market capitalization has exceeded $1.5 trillion, highlighting its growing significance in the global financial landscape.
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