United

Bitcoin

Rise

Trillion

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-soars-to-historic-1-35-trillion-market-cap" rel="noopener noreferrer nofollow">Bitcoin Soars to Historic $1.35 Trillion Market Cap</a><br></p>
<p style="text-align: justify">The digital currency <a href="https://en.bitcoinhaber.net/bitcoin-soars-on-etf-approval-speculation" rel="noopener noreferrer nofollow">Bitcoin</a> hit a record-breaking market valuation, reaching $1.35 trillion. Although experiencing a slight dip of 0.92% in a 24-hour period, the <a href="https://en.bitcoinhaber.net/surge-in-cryptocurrency-investment-products-attracts-1-1-billion-in-a-week" rel="noopener noreferrer nofollow">cryptocurrency</a> was trading at a formidable $67,576. Over a week, it demonstrated an impressive increase of more than 17%, as per data from CoinMarketCap.</p>
<h2 id="bitcoin-outshines-silver-climbs-asset-rankings">Bitcoin Outshines Silver, Climbs Asset Rankings</h2>
<p style="text-align: justify">Bitcoin momentarily outvalued silver, with the latter holding a $1.347 trillion market cap, positioning Bitcoin as the 8th largest asset globally. This milestone followed its highest daily closing price on record at $68,245, topping its past high set in November 2021. Analysts now believe that Bitcoin could potentially surge to $100,000 by the end of 2024.</p>
<h2 id="analysts-attribute-rise-to-bitcoin-etfs">Analysts Attribute Rise to Bitcoin ETFs</h2>
<p style="text-align: justify">Bitfinex Analysts have pinpointed the recent approval of spot Bitcoin ETFs in the United States as a significant driver of Bitcoin’s price surge. A March report highlighted a massive 44% increase in Bitcoin’s value in February, signaling a strong upswing since December 2020. The influx of $7.5 billion into Bitcoin ETFs suggests a bullish market sentiment and prospects for continued investment.</p>
<h2 id="futures-market-reflects-investor-confidence">Futures Market Reflects Investor Confidence</h2>
<p style="text-align: justify">Open interest in Bitcoin futures on central exchanges has shattered previous records, indicating a high level of investor confidence in Bitcoin’s sustained growth. As of March 1st, the total open positions in Bitcoin futures contracts had reached over $26 billion, surpassing the former high of $24 billion from late 2021.</p>
<p style="text-align: justify">In related news, MicroStrategy, the largest corporate holder of Bitcoin, announced intentions to raise $600 million to further invest in Bitcoin. Michael Saylor, the company’s Chairman, reported that this capital would be sourced through senior convertible notes.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-soars-to-historic-1-35-trillion-market-cap" rel="noopener noreferrer nofollow">Bitcoin Soars to Historic $1.35 Trillion Market Cap</a></h5>

Bitcoin Soars to Historic $1.35 Trillion Market Cap

Table of Contents

BH NEWS

Other articles published on Mar 5, 2024

Economic Data Influences Crypto Trading Trends

DonaSwap Completes Migration Process: Users Now Eligible to Claim Tokens

Uniswap (UNI) Attracts Whale Investors as Trading Activity Increases

Bitcoin ETFs Trading Volume Reaches $5.5 Billion on March 4: Report

Stanford’s Blyth Fund allocates 7% of its portfolio to Bitcoin

AI Masters Panelists Urge Caution Amidst AI Deployment Surge

Join our free newsletter for daily crypto updates!