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<p><span style="font-weight: 400;">Bitcoin’s market capitalization surged to a new all-time high (ATH) of $1.303 trillion as the king of cryptos overtook Meta’s valuation and the gross domestic product (GDP) of Saudi Arabia, igniting a new altcoin season in the process.</span></p>
<p>The Bitcoin price rose 2.5% to trade at $66,736 as of 4.15 a.m. EST, and has now skyrocketed 56% in a month. It had earlier surged to $68,770, the highest level since 2021.</p>
<p><span style="font-weight: 400;">”There are no sellers.” said Markus Thielen, head of research at 10X. “Everybody will be astonished by Bitcoin’s p</span><span style="font-weight: 400;">rice action this week.”</span></p>
<h2 id="span-style-font-weight-400-btc-s-market-cap-higher-than-meta-s-valuation-saudi-arabia-s-gdp-span"><span style="font-weight: 400;">BTC’s Market Cap Higher Than Meta’s Valuation, Saudi Arabia’s GDP</span></h2>
<p>The surge has taken <span style="font-weight: 400;">Bitcoin’s market cap roaring past the </span><a href="https://www.worldometers.info/gdp/gdp-by-country/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">GDPs of several countries</span></a><span style="font-weight: 400;">, including Saudi Arabia, the Netherlands and Switzerland. Saudi Arabia’s GDP stands at just over $1.108 trillion, while the Netherlands and Switzerland have GDPs of $991 billion and $808 billion, respectively.</span></p>
<p><span style="font-weight: 400;"> BTC has also become more valuable than the technology giant Meta, with data from </span><a href="https://finance.yahoo.com/quote/META/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAALyDFozwHb2alcfd193hlSeSSzYC-pgu1dmdraFN6OywtKs0CUcTbqyIBKUCR5FEMyhpQZGAA5eryksMsqfMLesb68F3vb8JNxLzuXdnX1WdXKg3F87xTL8SoghWNoXWDih8xEplUuRRl9OurPr_SUNkR4VhnSk3gEiRwobJHOg5" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Yahoo Finance</span></a><span style="font-weight: 400;"> showing the social network company’s market cap at $1.281 trillion.</span></p>
<h2 id="bitcoin-pump-ignites-an-altcoin-season">Bitcoin Pump Ignites An Altcoin Season</h2>
<p><span style="font-weight: 400;">BTC’s bullish momentum has also buoyed the rest of the crypto market. Data from TradingView shows that the collective market cap for altcoins has surged 44% so far this year, and 5% in the past week alone to stand at $1.116 trillion.</span></p>
<p><img decoding="async" src="https://s3.tradingview.com/snapshots/e/euFGBJUe.png" alt="CRYPTOCAP:TOTAL2 Chart Image by StevenWalgenbach"></p>
<p><span style="font-weight: 400;">Daily chart for the altcoin market cap (Source: </span><a href="https://www.tradingview.com/x/euFGBJUe/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">TradingView</span></a><span style="font-weight: 400;">)</span></p>
<p><span style="font-weight: 400;">The </span><a href="https://coinmarketcap.com/view/memes/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">meme coin market</span></a><span style="font-weight: 400;"> has also </span><a href="https://insidebitcoins.com/news/meme-coins-go-ballistic-led-by-sector-titans-pepe-doge-shib-and-bonk" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">come alive</span></a><span style="font-weight: 400;">, seeing its valuation soar almost 18% in the past day of trading to total $62 billion. The Shiba Inu (SHIB) price has rocketed 272% in a week, Myro (MYRO) has skyrocketed 245% and Pepe (PEP) has soared 237%.&nbsp;</span></p>
<p>New meme coins are benefitting from the upsurge as well with hot ICOs including <a href="https://insidebitcoins.com/visit/scottytheai" rel="noopener noreferrer nofollow">Scotty the A</a>I, <a href="https://insidebitcoins.com/visit/memekombat" rel="noopener noreferrer nofollow">Meme Kombat</a>, and <a href="https://insidebitcoins.com/visit/sponge" rel="noopener noreferrer nofollow">Sponge V2</a> all seeing surging inflows in the past week, while newly launched Solana token <a href="https://insidebitcoins.com/visit/smog" rel="noopener noreferrer nofollow">Smog</a> has soared 114%.</p>
<h2 id="span-style-font-weight-400-bitcoin-rally-fueled-by-booming-etf-market-btc-supply-crunch-span"><span style="font-weight: 400;">Bitcoin Rally Fueled By Booming ETF Market, BTC Supply Crunch</span></h2>
<p><span style="font-weight: 400;">Demand from </span><a href="https://insidebitcoins.com/news/morgan-stanley-considers-offering-bitcoin-etf-products-to-clients-signaling-opening-of-huge-institutional-market-coindesk-says" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">spot Bitcoin ETF</span></a>s<span style="font-weight: 400;"> (exchange-traded funds) launched in January are a key driver of Bitcoin’s surge.</span></p>
<p><span style="font-weight: 400;">The higher the BTC price climbs, the more confident investors feel, said Thielen, noting that ETFs are now moving beyond the US with BlackRock’s recent launch of a spot Bitcoin ETF in Brazil.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="und" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> at $68k! 😎 <a href="https://t.co/LTmtEl8rcC" rel="noopener noreferrer nofollow">pic.twitter.com/LTmtEl8rcC</a></p>
 <p>— CoinMarketCap (@CoinMarketCap) <a href="https://twitter.com/CoinMarketCap/status/1764815781622342028?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 5, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">Thielen’s bullish outlook on Bitcoin is supported by the </span><a href="https://insidebitcoins.com/news/bitcoin-withdrawals-from-crypto-exchanges-surpassed-2-billion-in-a-day-as-bitcoin-surges-towards-new-ath" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">sizable decline</span></a><span style="font-weight: 400;"> of 63,000 bitcoins held on exchange platforms as demand outstrips supply. Coinbase, the leading crypto exchange in the U.S., saw its BTC reserves drop from 400,000 to 372,000 in just one month.</span></p>
<p><img decoding="async" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Bitcoin.jpeg?fit=1140%2C600" alt="Crypto Analyst Says History Shows What Might Be Next For Bitcoin, But Is It Good Or Bad?"></p>
<h3 id="span-style-font-weight-400-related-articles-span"><span style="font-weight: 400;">Related Articles:</span></h3>
<ul>
 <li style="font-weight: 400;" aria-level="1"><a href="https://www.linkedin.com/pulse/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!</span></a></li>
 <li style="font-weight: 400;" aria-level="1"><a href="https://insidebitcoins.com/news/meme-coin-prices-skyrocket-just-1-day-remains-to-buy-meme-kombat-mk-at-low-price-before-exchange-listings" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Meme Coin Prices Skyrocket – Just 1 Day Remains To Buy Meme Kombat ($MK) At Low Price Before Exchange Listings</span></a></li>
 <li style="font-weight: 400;" aria-level="1"><a href="https://insidebitcoins.com/news/shiba-inu-price-prediction-top-gainer-shib-soars-80-as-altcoin-season-erupts-and-experts-say-this-new-solana-meme-coin-could-be-the-next-bonk" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Shiba Inu Price Prediction: Top Gainer SHIB Soars 80% As Altcoin Season Erupts And Experts Say This New Solana Meme Coin Could Be The Next Bonk</span></a></li>
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Bitcoin Market Cap Hits New All-Time High, Overtakes Saudi Arabia’s GDP And Meta’s Valuation, Igniting New Altcoin Season

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