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Bitcoin’s market capitalization reached a new all-time high of $1.35 trillion on March 5.
Bitcoin price rose 3.35% in the 24 hours leading up to 12:55 pm UTC to trade at $67,322. The world’s first cryptocurrency is up over 17% on the weekly chart, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/e42b52df-b091-4e29-8384-8840320f8ad6.jpeg" alt="" title="">
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 BTC 7-day Market Cap Chart. Source: CoinMarketCap
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Following the new high, Bitcoin briefly became the eighth-largest asset in the world after its market capitalization briefly overtook the $1.347 trillion market capitalization of silver, the second-largest precious metal in the world, <a href="https://companiesmarketcap.com/assets-by-market-cap/" target="_blank" rel="noopener nofollow">according</a> to CompaniesMarketCap data.
The surge comes a day after <a href="https://cointelegraph.com/news/bitcoin-best-day-ever-100k-btc-price-programmed">Bitcoin recorded its highest daily close</a> at $68,245 on March 4, beating its previous record close of $67,525 on Nov. 8, 2021 — bolstering analyst expectations that Bitcoin price could reach $100,000 before the end of 2024.
The recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States have been a major reason behind Bitcoin’s bullish price action, according to a March 4 research report by Bitfinex Analysts shared with Cointelegraph.
“February witnessed an impressive 44% surge in BTC, reflecting a notable positive momentum since December 2020. The $7.5 billion influx into Bitcoin ETFs not only drives market growth but also signals a positive outlook and potential for continued capital inflow.”
Related: <a href="https://cointelegraph.com/news/u-s-gov-moves-922-million-seized-bitcoin">US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000</a>
According to Bitfinex analysts, open interest on centralized exchanges for Bitcoin futures saw record highs, reflecting robust investor confidence in a sustained rally.
“The recent spike in open interest has surpassed the levels seen in November 2021, when BTC hit its all-time high of nearly $69,000. On Friday, March 1, the total open interest for Bitcoin futures contracts soared above $26 billion, surpassing the previous record, set in the&nbsp;last quarter of 2021, of $24 billion,” analysts wrote.
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 Open interest across all crypto asset perpetual contracts. Source: Coinalyze/Bitfinex
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The new all-time high comes a day after the largest corporate Bitcoin holder, MicroStrategy, announced that it will raise $600 million as part of its <a href="https://cointelegraph.com/news/microstrategy-raise-600-million-via-convertible-note-buy-more-bitcoin">plans to buy more BTC</a>. The funds will be issued in the form of senior convertible notes, according to a March 4 X post by its executive chairman, Michael Saylor.
Related: <a href="https://cointelegraph.com/news/is-the-bitcoin-halving-the-right-time-to-invest-in-btc">Is the Bitcoin halving the right time to invest in BTC?</a>

Bitcoin market cap reaches a new high, briefly surpassing silver

Cointelegraph

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