The cryptocurrency token reached a record-breaking high of just over $69,000 on March 5th, which will no doubt excite the meme-obsessed crypto community, before slightly declining. The record completed an incredible recovery from the dire circumstances of November 2022, when interest rate increases were stifling risk appetite and the cryptocurrency exchange FTX had recently collapsed.
However, on March 8, 2024, Bitcoin (BTC) broke beyond the $70,000 barrier for the first time ever.The astounding rise to $70,000 is indicative of the increasing trust that investors are placing in Bitcoin and its acceptability as a safe haven against inflation. Since its launch, Bitcoin has attracted interest from institutional and ordinary investors alike because of its limited supply and decentralised structure, which set it apart from conventional fiat money.
On March 8, 2024, the Bitcoin ETF accumulated approximately 790,000 BTC, which at current rates is valued at over $55 billion. This clearly highlights the contribution institutional investors have made to the surge.
While Bitcoin enthusiasts certainly celebrate reaching the $70,000 milestone, it also begs questions about what the future holds for the largest cryptocurrency in the world. After rising past $70,000, the market capitalization of bitcoin has surpassed $1.4 trillion. With more than 50 million investor identities from almost every nation, bitcoin is an asset that is significant to the system.
