Bitcoin Just Broke Another Record, Topping $72,000

By: Sam Watanuki | Published: Mar 13, 2024

In a stunning development, Bitcoin has once again shattered records, reaching a high of $72,022.16, showing that the influence and acceptance of cryptocurrencies worldwide is continuing to grow.

What makes this even more remarkable is the climb from last year’s prices, showcasing not just recovery but significant growth. This surge reflects broader market optimism and a renewed interest in digital currencies as viable financial assets. Observers and investors alike are watching closely, wondering how high Bitcoin can go.

Record-Breaking Week

Just when you thought it couldn’t get more thrilling, Bitcoin outdid itself by hitting records in a volatile week, surpassing benchmarks set in 2021 (via CNBC). The past week’s performance underscores the cryptocurrency’s unpredictable nature but also its undeniable upward trend.

Advertisement
A stock market graph open on a computer. There are lots of green and red lines with numbers running up the right-hand sign of the graph.

Source: Nick Chong/Unsplash

This latest peak follows a period of relatively subdued trading over the weekend, highlighting the market’s volatile nature yet consistent growth trajectory over time.

Advertisement

Ether on the Rise

But it’s not just Bitcoin that’s been basking in the limelight. Ether, Ethereum’s native token, has been on a significant upward trajectory as well, breaking past the $4,000 mark for the first time since December 2021.

Advertisement
Ether stock chart

Source: CNBC

This 3% increase signals robust health in the broader crypto market and highlights investor confidence in blockchain technology’s future. Ether’s performance is especially noteworthy as it continues to gain ground, buoyed by developments within the Ethereum network.

The Inflow Effect

The recent surge in Bitcoin’s price can be largely attributed to an influx of investments into U.S. spot Bitcoin ETFs. Remarkably, crypto investment products experienced record inflows totaling $2.7 billion just last week (via CoinShares).

Advertisement
U.S. banknotes underneath gold coins with large Bs printed on them

Source: David McBee/Pexels

This infusion of capital reflects growing investor confidence and a significant shift in the traditional financial sector’s approach to digital currencies, setting new precedents for the year ahead.

A Market on Leverage

The cryptocurrency market has been experiencing some of its biggest price swings in nearly a year, driven by heightened leverage. Funding rates are at their highest since January 2021, contributing to increased market volatility.

Advertisement
a silver MacBook Pro laptop on top of a marble kitchen countertop. The display on the MacBook shows a stock market with prices rising and falling. To the side of the MacBook, there is a book with a silver iPhone on top and a drink behind it.

Source: Austin Distel/Unsplash

Meanwhile, Bitcoin open interest has reached all-time highs, reflecting an increasing number of investors betting on the cryptocurrency’s future (via Yahoo).

The Ethereum Upgrade

Anticipation is building around Ethereum’s upcoming tech upgrade, dubbed “Dencun.” Historically, such updates have led to price rallies as investors and developers align their expectations with the network’s enhanced capabilities.

A student looking at data on their laptop.

Source: Pixabay/Pexels

However, this time the dynamics could be different due to the sheer number of other factors at play in the crypto market, including the inflows into bitcoin ETFs and upcoming events like the Bitcoin halving (via Cointelegraph).

Advertisement

Institutional Moves

In a bold move reflecting its confidence in Bitcoin, MicroStrategy has acquired an additional 12,000 Bitcoins, valued at more than $821 million (via Bloomberg).

A person using a laptop with a chart on the screen

Source: Artem Podrez/Pexels

This purchase by a significant player in the corporate world underscores the growing acceptance of cryptocurrencies as a legitimate and valuable asset class. As companies continue to invest in Bitcoin, it further solidifies its status and influence in the broader financial landscape.

Advertisement

Regulatory Shifts in the U.K.

In a notable shift, the U.K.’s Financial Conduct Authority has softened its stance on cryptocurrencies, paving the way for the listing of crypto-linked exchange-traded products (via Financial Times).

A pair of hands typing on a silver laptop as code is projected on the laptop screen

Source: Lukas/Pexels

This move, particularly the acceptance of Bitcoin and Ether ETNs, signifies a broader, global trend toward the integration of digital currencies into the mainstream financial system, marking a significant step forward in regulatory acceptance.

Advertisement

Trump’s Turnaround

Former President Donald Trump, previously critical of cryptocurrencies, has recently expressed a more favorable view. He described Bitcoin as an “additional form of currency” that has “taken on a life” of its own, indicating a significant shift from his earlier critical stance (via Forbes).

Donald Trump wearing a red tie and suit against a black and dark blue background

Source: Gage Skidmore/Wikimedia Commons

This change in opinion from such a high-profile figure could have wide-reaching implications for the future regulatory landscape of cryptocurrencies in the U.S.

Advertisement

The Bitcoin Halving

The cryptocurrency community is abuzz with the upcoming Bitcoin halving, a key event that reduces the reward for mining new blocks, effectively limiting the new supply of bitcoins (via Investopedia).

In this photo illustration, visual representations of digital cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC)

Source: Yuriko Nakao/Getty Images

This event has historically led to significant price increases and is closely watched by investors as a potential catalyst for market movements. The anticipation of this event is adding to the current market fervor and speculation about Bitcoin’s future price.

Advertisement

Market Milestones

The total value of the cryptocurrency market has reached an astonishing $2.84 trillion, showcasing its immense growth and widespread adoption (via Forbes).

A large amount of golden bitcoins sit together on a table

Source: Freepik

This valuation reflects not just the success of Bitcoin and Ether but also the rising interest in a diverse range of cryptocurrencies, contributing to a vibrant and dynamic market ecosystem.

Advertisement

What’s Next for Crypto?

As Bitcoin and other cryptocurrencies continue to chart new territories, the market is ripe with speculation and anticipation. With the landscape constantly evolving, from regulatory changes to technological advancements, the future of digital finance looks brighter than ever.

Bitcoin stands in front of a computer screen that shows the recent surge in token price

Source: Freepik

The world watches as this dynamic market continues to unfold, shaping the future of money and investment in the digital age.

Advertisement