HiRiBi<\/a>.<\/p>\n\n\n\nHistorical Highs Mark a New Era for Bitcoin<\/h2>\n\n\n\n
Since the approval\nof the ETFs, the demand for Bitcoin has far exceeded the amount that holders\nare willing to sell. This imbalance has triggered a rally, with traders placing\nleveraged bets on the price’s continued rise adding fuel to the fire. <\/p>\n\n\n\n
February 29, 2024: Bitcoin Surpasses\n$60,000 For The First Time In 2 Years<\/h4>\n\n\n\n
On February 29,\nBitcoin reached $60,000 for the first time since November 2021. This coincided\nwith increased trading activity, which overloaded and eventually crashed the\nmajor exchange, Coinbase. <\/p>\n\n\n\n
On the same day,\nETF trading volume soared past $7.5 billion, more than doubling the previous\nrecord of $3 billion. <\/p>\n\n\n\n
March 5, 2024: Bitcoin Hits A New\nAll-Time High, ETFs Record Busiest Day Since Launch<\/h4>\n\n\n\n
On March 5,\nBitcoin rallied past 2021’s record high of $68,789, reaching a new high of\n$69,210 before falling to around $61,000.<\/p>\n\n\n\n
ETFs also recorded\na busy day, with trading volume exceeding $10 billion for the first time.\nBlackRock’s IBIT ETF had the highest trading volume ($3.8 billion), making it\nthe first issuer of a spot Bitcoin ETF to reach $10 billion in assets.<\/p>\n\n\n\n
Since then,\nBitcoin has kept hitting new records, finally peaking at $73,628 on March 14.\nAlthough BTC has fallen to around $68,000 at the time of writing, the asset\nappears to be on the verge of a new upward trend.<\/p>\n\n\n\n
Bitcoin Briefly Overtakes Silver To\nBecome 8th Largest Asset In The World<\/h2>\n\n\n\n
Bitcoin’s recent\nprice movements have cemented its status as a major player in the global\nfinancial landscape. BTC is now the world’s 13th largest currency, surpassing\nthe Russian ruble and Swiss franc.<\/p>\n\n\n\n
Most notably, the\nasset briefly surpassed Silver as its price rose above $71,000, becoming the\nworld’s eighth-largest asset with a market capitalization of $1.408 trillion.\nAt the time, the market capitalization of silver was $1.381 trillion.<\/p>\n\n\n\n
Silver, which now\nhas a market cap of $1.419 trillion, has since regained its position following\nBitcoin’s recent drop to $1.334 trillion. Bitcoin bulls remain optimistic about\nthe asset’s potential, hoping to see it recover and surpass the likes of\nAlphabet, the parent company of Google ($1.761 trillion), and Amazon ($1.811\ntrillion). However, it still has a long way to go before it can dethrone gold\nas the world’s largest asset by market capitalization. Gold currently sits at a\nmarket cap of $14.435 trillion.<\/p>\n\n\n\n
Satoshi-Era Bitcoin On The Move<\/h2>\n\n\n\n
Bitcoin’s rise to\na new record high and subsequent drop on March 5 could be attributed, in part,\nto early miners cashing out.<\/p>\n\n\n\n
According to data\nfrom CryptoQuant, 1,000 bitcoins worth approximately $69 million were\ntransferred to Coinbase by a wallet address that has existed since 2010, just\nbefore BTC broke its all-time high. <\/p>\n\n\n\n
Moving such a\nlarge amount of old coins to a major exchange like Coinbase is often a sign of\nselling intent. And sure enough, a selloff followed, sending the price of\nBitcoin tumbling. This resulted in large-scale liquidations for leveraged long\npositions, with over $1 billion in liquidations recorded on Binance alone.<\/p>\n\n\n\n
What The Future Holds For Bitcoin<\/h2>\n\n\n\n
The recent\ndevelopments surrounding Bitcoin paint a picture of a maturing asset class with\nimmense potential. Spot ETF approval, becoming a top-10 asset, breaking\nprevious highs and the return of satoshi-era players all point to a thriving\necosystem. <\/p>\n\n\n\n
But that is not all; Bitcoin continues to win globally. In 2021, El Salvador adopted Bitcoin as a legal tender. Since then, the country has accumulated over 5690 Bitcoin (worth roughly $387 million) as a treasury asset. President Nayib Bukele recently reiterated his commitment to the ‘1 Bitcoin a Day’ program, stating El Salvador will keep buying Bitcoin daily until it becomes too expensive to purchase with fiat currencies.<\/p>\n\n\n\n
In addition, top\npresidential candidates in the United States have expressed support for the\nasset. In an interview with CNBC, former President Trump recently described it\nas an “additional form of currency” with a lot of use. Trump claimed\nthat his administration would not use regulatory authority to target Bitcoin\nand other cryptocurrencies. \u201cI have seen there has been a lot of use of that,\nand I\u2019m not sure that I\u2019d want to take it away at this point,\u201d said the\nRepublican aspirant. <\/p>\n\n\n\n
This accelerated\nglobal adoption, coupled with the asset\u2019s capped supply, could fuel the\nsupply-demand imbalance further, translating into a parabolic growth in the\nasset\u2019s value. <\/p>\n","protected":false},"excerpt":{"rendered":"
In recent weeks, Bitcoin (BTC) has achieved a series of milestones, propelling it further into the mainstream and sparking conversations about its future trajectory. Bitcoin now ranks among the top ten most valuable assets, with a market capitalization of $1.3 trillion.
\nJanuary 11, 2024, marked a historical day for Bitcoin when the United States Securities and Exchange Commission (SEC) approved the country’s first spot Bitcoin exchange-traded funds. This meant that retail investors could now invest in Bitcoin without having to worry about buying or storage methods.<\/p>\n","protected":false},"author":1,"featured_media":1136,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[77,104,69],"class_list":["post-1135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bitcoin","tag-hiribi","tag-hiribi-com","entry"],"_links":{"self":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts\/1135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/comments?post=1135"}],"version-history":[{"count":1,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts\/1135\/revisions"}],"predecessor-version":[{"id":1137,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts\/1135\/revisions\/1137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/media\/1136"}],"wp:attachment":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/media?parent=1135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/categories?post=1135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/tags?post=1135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}