Bitcoin blasts past $71.5k setting new all-time high
On Mar. 11, Bitcoin touched a new record at $71,500 high, fueled by investors pouring more liquidity into the market.
The price of Bitcoin (BTC) quickly surged to a new all-time high at $71,569 (on BitMEX), breaking the record it set just a few days ago. As a result, Bitcoin‘s market capitalization has neared $1.4 trillion, as per data from CoinMarketCap.
Additionally, data from Coinranking revealed a substantial increase in Bitcoin prices on South Korean crypto exchanges, exceeding the $75,000 mark mainly due to the Kimchi premium, which denotes the spread in prices due to factors such as capital controls and high demand in the South Korean market.
The remarkable surge in Bitcoin’s price coincided with a milestone in the trading volume of spot Bitcoin exchange-traded funds (ETFs), which surpassed $100 billion, according to data from Yahoo Finance. Moreover, BlackRock, the world’s largest asset manager, also witnessed its spot Bitcoin ETF amass $10 billion in assets under management, achieving this feat faster than any other ETF in U.S. history.
Meanwhile, Tom Lee, founder and head of research at FundStrat Global Advisors, expressed optimism about Bitcoin’s future trajectory, forecasting a potential surge to an astonishing $150,000 within the next 12 to 18 months.
