On Mar. 11, Bitcoin touched a brand new document at $71,500 excessive, fueled by buyers pouring extra liquidity into the market.
The worth of Bitcoin (BTC) rapidly surged to a brand new all-time excessive at $71,569 (on BitMEX), breaking the document it set just some days in the past. Because of this, Bitcoin‘s market capitalization has neared $1.4 trillion, as per knowledge from CoinMarketCap.
Moreover, knowledge from Coinranking revealed a considerable improve in Bitcoin costs on South Korean crypto exchanges, exceeding the $75,000 mark primarily as a result of Kimchi premium, which denotes the unfold in costs resulting from components comparable to capital controls and excessive demand within the South Korean market.
The outstanding surge in Bitcoin’s worth coincided with a milestone within the buying and selling quantity of spot Bitcoin exchange-traded funds (ETFs), which surpassed $100 billion, in accordance with knowledge from Yahoo Finance. Furthermore, BlackRock, the world’s largest asset supervisor, additionally witnessed its spot Bitcoin ETF amass $10 billion in property underneath administration, reaching this feat sooner than some other ETF in U.S. historical past.
In the meantime, Tom Lee, founder and head of analysis at FundStrat World Advisors, expressed optimism about Bitcoin’s future trajectory, forecasting a possible surge to an astonishing $150,000 throughout the subsequent 12 to 18 months.