Fun

Bitcoin market cap reaches a new high, briefly surpassing silver

News Feed - 2024-03-05 10:03:53

Zoltan Vardai10 hours agoBitcoin market cap reaches a new high, briefly surpassing silverBitcoin briefly became the eighth-largest asset in the world after temporarily surpassing the market cap of silver.4313 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin’s market capitalization reached a new all-time high of $1.35 trillion on March 5.


Bitcoin price rose 3.35% in the 24 hours leading up to 12:55 pm UTC to trade at $67,322. The world’s first cryptocurrency is up over 17% on the weekly chart, according to CoinMarketCap data.BTC 7-day Market Cap Chart. Source:CoinMarketCap


Following the new high, Bitcoin briefly became the eighth-largest asset in the world after its market capitalization briefly overtook the $1.347 trillion market capitalization of silver, the second-largest precious metal in the world, according to CompaniesMarketCap data.


The surge comes a day after Bitcoin recorded its highest daily close at $68,245 on March 4, beating its previous record close of $67,525 on Nov. 8, 2021 — bolstering analyst expectations that Bitcoin price could reach $100,000 before the end of 2024.


The recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States have been a major reason behind Bitcoin’s bullish price action, according to a March 4 research report by Bitfinex Analysts shared with Cointelegraph.


“February witnessed an impressive 44% surge in BTC, reflecting a notable positive momentum since December 2020. The $7.5 billion influx into Bitcoin ETFs not only drives market growth but also signals a positive outlook and potential for continued capital inflow.”


Related:US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000


According to Bitfinex analysts, open interest on centralized exchanges for Bitcoin futures saw record highs, reflecting robust investor confidence in a sustained rally.


“The recent spike in open interest has surpassed the levels seen in November 2021, when BTC hit its all-time high of nearly $69,000. On Friday, March 1, the total open interest for Bitcoin futures contracts soared above $26 billion, surpassing the previous record, set in the last quarter of 2021, of $24 billion,” analysts wrote.Open interest across all crypto asset perpetual contracts. Source: Coinalyze/Bitfinex


The new all-time high comes a day after the largest corporate Bitcoin holder, MicroStrategy, announced that it will raise $600 million as part of its plans to buy more BTC. The funds will be issued in the form of senior convertible notes, according to a March 4 X post by its executive chairman, Michael Saylor.


Related:Is the Bitcoin halving the right time to invest in BTC?# Bitcoin# Cryptocurrencies# Bitcoin Price# ETF# AdoptionAdd reactionAdd reaction

News Feed

Brayden Lindrea7 hours agoMeta and Microsoft launch open-source AI model Llama 2Llama 2 is trained on 40% more public data and can process twice as much context as Llama 1, according to Meta.1965 Total views8 Total share
Pensioners of the National Oil Company Will Receive 2 Petros as a Gift in Venezuela
Pensioners of the National Oil Company Will Receive 2 Petros as a Gift in Venezuela The pensioners of the state-owned oil company of Venezuela, PDVSA, have started receiving a Chri
Jesse Coghlan34 minutes agoCrypto bull run: Traders share their plans for the ‘tornado’ to comeMillions of new crypto investors could be experiencing their very first bull run soon, and those who’ve been through it
William Suberg44 minutes agoBTC price nears 2023 highs — 5 things to know in Bitcoin this weekBitcoin is back near its year-to-date highs, but BTC price moves belie an underlying lack of support, analysis fears.716 Tot
Billionaire Mark Cuban Sued for Allegedly Promoting a Massive Crypto ‘Ponzi Scheme’
Billionaire Mark Cuban Sued for Allegedly Promoting a Massive Crypto "Ponzi Scheme" Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, is facing a class ac
China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing
China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing Some Chinese bank clients, whose accounts were frozen in April, were inju
Tristan Greene6 hours agoComputer science experts say US should create new fed agency for AI: SurveyAccording to the 213 computer science professors surveyed, AI might not be as big of a displacer as the C-suite claims.7
Namibian Central Bank Announces Plan to Launch CBDC
Namibian Central Bank Announces Plan to Launch CBDC Johannes Gawaxab, the governor of the Bank of Namibia (BON), has said his organization is planning to launch a central bank digi
Pepe Battles Price Decline, But Analysts Signal A Potential Rally Ahead
Este artículo también está disponible en español. Pepe [PEPE] is currently trading at approximately $0.000000900 and is undergoing a challenging period. The Relative Stre
SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca
Alex O’Donnell1 hour agoSEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE ArcaGrayscale must await final regulatory signoff on its registration filing before listing the fund821 Total views30 Total sharesLi
Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible
Este artículo también está disponible en español. The Bitcoin price could crashif it fails to hold key resistance levels. A crypto analyst has revealed that a decline to
Blockchain Tops the List of Most In-Demand Tech Skills for 2020
Blockchain Tops the List of Most In-Demand Tech Skills for 2020 If you are planning to start a new career this year, or just improve your value in the jobs market, the best thing