Bitcoin market cap reaches a new high of $1.35 trillion After the price of Bitcoin rose to near the highest level at $68,991.85.
On March 5, 2024, Bloomberg News reported that According to CoinGecko data, The market value or market cap of Bitcoin is as high as $1.35 trillion. This extends the peak of $1.28 trillion from November 2021. Meanwhile, the price of Bitcoin increased to $68,991.85, marking the peak of the COVID-19 bull run.
The supply of bitcoin has grown since then. It brings capital values to new highs amid recent price rises. Bitcoin fell 1.5% to $66,555 as of 8:16 a.m. Tuesday in London. It previously reached $68,804.
David Lawant Head of research at crypto brokerage FalconX said: “In the past, the market value was at an all-time high. It is a more reliable price signal that a new phase of the current market is beginning.”
The demand from the new United States Spot Bitcoin ETF, as well as the growth in the supply of the token, has decreased significantly. ETFs from BlackRock Inc. and Fidelity Investments have attracted nearly $8 billion in net inflows since launching on January 11, 2024.
refer to: bloomberg.com
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