Bitcoin Surpasses $70,000 Mark Milestone

Bitcoin Surpasses $70,000 Mark Milestone

Bitcoin Surpasses $70,000 Mark Milestone

Bitcoin surged to an all-time high of $71,415, marking a 2.62% increase within 24 hours by March 11.

Bitcoin rose 2.62% in the 24 hours leading up to 8:05 am UTC on March 11, resulting in the cryptocurrency reaching an all-time high of $71,415.

During last week, the world’s first cryptocurrency experienced a rally of over 10%, and during the past month, it experienced a rally of 47%, as indicated by statistics from CoinMarketCap.

Three days after Ether broke beyond the $4,000 mark for the first time since December 2021, the cryptocurrency has now set a fresh all-time high once again.

Bitcoin Surpasses $70,000 Mark Milestone
BTC/USD, 1-month Chart. Source: CoinMarketCap

The price reached an all-time high 36 days before the highly anticipated Bitcoin halving event, which is scheduled for April 20. The half-event will reduce mining rewards from 6.25 BTC ($418,800) to 3.125 BTC ($209,400).

Bitcoin Previous All Time High

It achieved its all-time high of $69,200 on March 5, and then on March 10, it attained its highest-ever weekly close of 68,955. This took place just a few days after the Cryptocurrency broke beyond that barrier.

Bitcoin Surpasses $70,000 Mark Milestone
Bitcoin ETF Dashboard. Source: Dune

It is possible to attribute a significant portion of the bullish momentum that Cryptocurrency is experiencing to the heightened institutional interest that was produced by the recently launched spot Bitcoin exchange-traded funds (ETFs) in the United States.

According to data provided by Dune, exchange-traded funds (ETFs) have collected 4.06% of the current Bitcoin supply since their introduction, while also topping $56.9 billion in total on-chain holdings.

Exchange-traded funds are anticipated to consume 8.65 percent of the daily supply of bitcoin at this rate. According to statistics provided by HODL15 Capital, the spot Bitcoin exchange-traded funds (ETFs) accumulated 33,000 BTC ($2.3 billion) in the previous week.

Bitcoin Surpasses $70,000 Mark Milestone
Bitcoin ETFs, weekly inflows. Source: @HODL15Capital on X

This figure includes Grayscale’s GBTC fund, which had outflows of more than 10,200 BTC. According to an investment report distributed to clients on March 9th, digital asset management firm Bitwise anticipates that other institutions, which collectively represent “trillions of dollars in assets,” are getting ready to become investors in spot Bitcoin exchange-traded funds by the end of June.

However, Bitcoin whales continue to hang onto their Bitcoin, although the price has reached fresh highs. As of March 9th, the number of whales, whose unique cryptocurrency addresses can hold at least one thousand bitcoins, has increased to 2,107 addresses.

Bitcoin Surpasses $70,000 Mark Milestone
Bitcoin addresses with a balance >1,000 BTC. Source: LookIntoBitcoin

However, the number of addresses received still falls short of the record of 2,489 set in February 2021, when the price of Bitcoin exceeded $46,000. 

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