BTC continues to soar as its price smashes through the $72,000 threshold on March 11, 2024. This significant milestone has sparked early indications of another bullish period in the coming week. Over the past 72 hours, Bitcoin’s market cap has increased by over $100 billion, further solidifying its impressive performance in 2024. Notably, Bitcoin’s market cap has reached $1.4 trillion for the first time ever, and its year-to-date performance stands at an impressive 73%.
The recent surge in Bitcoin’s price can be attributed to a combination of speculative traders placing bullish bets and strategic spot traders seeking opportunities related to Bitcoin ETFs. Additionally, the investments made by prominent institutional players such as MicroStrategy and BlackRock have played a pivotal role in the cryptocurrency’s ascent. MicroStrategy, with its digital asset portfolio now including 193,000 BTC, valued at approximately $13.896 billion, demonstrates its confidence in Bitcoin as a store of value and investment asset. Similarly, BlackRock has entered the Bitcoin space through its Bitcoin ETF, holding 195,975 BTC, or $14.11 billion in fiat-denominated holdings. These investments underscore the growing acceptance of Bitcoin among institutional investors and mark a significant milestone for regulated diversified assets in the cryptocurrency space. Overall, Bitcoin’s boom shows no signs of slowing down, leaving investors and analysts excited about its future trajectory.
Is Ethereum (ETH) a better investment than Bitcoin in 2024?