On March 11, 2024, within hours of crossing the $70,000 mark, Bitcoin (BTC) also exceeded the $71,000 mark to set a new all-time high.
As of the same date (4.36 pm, Indian Standard Time), at the time of writing, BTC was trading at a little more than the $71,500 mark, recording an approximately 2.4% rise is market capitalisation and a nearly 72% increase in 24-hour trading volume, according to CoinMarketCap, a crypto price-tracking website. The website mentioned BTC’s market capitalisation to be roughly $1.41 trillion and 24-hour trading volume to be close to $49 billion.
Seemingly, media reports have attributed this increase in BTC’s price to fresh funds being directed towards new spot BTC exchange-traded funds (ETFs), along with the anticipation that benchmark interest rates will be reduced by the Federal Reserve. Moreover, the BTC Halving event, which is expected to take place in April 2024, is predicted to contribute towards further upturn in BTC price.
In other developments, Ethereum went past the $4,000 mark for clocking a new record high. CoinMarketCap specified Ethereum’s market capitalisation to be around $484 billion and 24-hour trading volume to be just above $24 billion.
