The digital currency Bitcoin hit a record-breaking market valuation, reaching $1.35 trillion. Although experiencing a slight dip of 0.92% in a 24-hour period, the cryptocurrency was trading at a formidable $67,576. Over a week, it demonstrated an impressive increase of more than 17%, as per data from CoinMarketCap.
Bitcoin Outshines Silver, Climbs Asset Rankings
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.
Analysts Attribute Rise to Bitcoin ETFs
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.
Futures Market Reflects Investor Confidence
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.
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.