Markets News Report
March 11, 2024

Bitcoin Price Hits Record High of $71K as Bullish Momentum Intensifies

In Brief

Bitcoin price reached $71,210 surging past the $71K threshold, showcasing its growing significance in the global financial landscape.

Bitcoin Price Hits Record High of $71K as Bullish Momentum Intensifies

Bitcoin price surged past the $71K threshold on March 11, marking a significant milestone in its upward trajectory amidst a broader cryptocurrency rally. Currently trading just shy of $71,300 at $71,210 — the crypto has exhibited a growth rate of 2.59%.

This surge to $71K follows an ongoing rally initiated in mid-October 2023, gaining momentum notably on January 11 with the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). The approval of these ETFs has provided both institutional and retail investors with a regulated avenue to invest in bitcoin, thereby expanding its investor base and fueling demand.

Bitcoin Price Hits Record High of $71K as Bullish Momentum Intensifies

As of now, Bitcoin ETFs have amassed over 790,000 BTC, valued at more than $55 billion at current market prices. Institutional buying demand, strengthened by historical gains associated with Bitcoin’s halving event, coupled with a prevailing euphoric sentiment, positions the asset on a trajectory to potentially surpass its all-time highs further.

Despite the optimism surrounding the cryptocurrency market, seasoned investors remain cautious, mindful of the volatility that has historically characterized bitcoin’s price movements. The memory of the so-called “crypto winter,” during which bitcoin plummeted to below $15,000, looms large. With this latest milestone, Bitcoin‘s market capitalization now exceeds $1.5 trillion, underlining its growing significance in the global financial landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

More articles
Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

Hot Stories

The Secrets Behind MetaHub Finance’s Web3 Success

by Victoria d'Este
November 22, 2024
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Zeus Network Unveils New ZEUS Tokenomics To Drive Bitcoin Liquidity And Solana Integration
News Report Technology
Zeus Network Unveils New ZEUS Tokenomics To Drive Bitcoin Liquidity And Solana Integration
November 22, 2024
Solv Protocol Partners With Sonic To Bring Bitcoin To The Blockchain And Redefine BTC’s Role In DeFi
News Report Technology
Solv Protocol Partners With Sonic To Bring Bitcoin To The Blockchain And Redefine BTC’s Role In DeFi
November 22, 2024
The Secrets Behind MetaHub Finance’s Web3 Success
Interview Business Markets Software Technology
The Secrets Behind MetaHub Finance’s Web3 Success
November 22, 2024
The Power of Abstraction in DeFi: How Layer 3 Solutions Are Reshaping the Landscape
Opinion Software Technology
The Power of Abstraction in DeFi: How Layer 3 Solutions Are Reshaping the Landscape
November 22, 2024