Future

United

Silver

Bitcoin

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s market capitalization hits a new record of $1.35 trillion on March 5, briefly surpassing silver.</li> 
 <li>Bitcoin’s bullish price action is attributed to the approval of spot Bitcoin exchange-traded funds (ETFs) in the US.</li> 
</ul>  
<p>On March 5, Bitcoin’s market capitalization hit a new record high, reaching $1.35 trillion. This was accompanied by a 3.35% rise in the Bitcoin price within 24 hours, trading at $67,322. </p> 
<p>The world’s inaugural cryptocurrency has seen an over 17% increase on the weekly chart. Following this new high, Bitcoin momentarily became the eighth-largest global asset, as its market capitalization briefly surpassed silver’s $1.347 trillion, the world’s second-largest precious metal. </p> 
<h2 id="record-breaking-performance">Record-Breaking Performance</h2> 
<p>This surge happened a day after Bitcoin recorded its highest daily close at $68,245 on March 4, exceeding its prior record close of $67,525 on November 8, 2021. This bolsters predictions that the Bitcoin price could reach $100,000 before 2024 ends. </p> 
<p>The recent approval of spot Bitcoin ETFs in the United States is a significant factor behind Bitcoin’s bullish price action. February saw an impressive 44% surge in Bitcoin, showing 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. </p> 
<h2 id="investor-confidence-and-future-plans">Investor Confidence and Future Plans</h2> 
<p>According to analysts, open interest on centralized exchanges for Bitcoin futures saw record highs, reflecting strong investor confidence in a sustained rally. The recent spike in open interest has surpassed the levels seen in November 2021, when Bitcoin hit its all-time high of nearly $69,000. </p> 
<p>This new all-time high comes a day after MicroStrategy, the largest corporate Bitcoin holder, announced plans to raise $600 million to buy more Bitcoin. The funds will be issued in the form of senior convertible notes.</p>

Bitcoin’s Market Value Soars, Outpacing Silver for a Brief Moment

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