Bitcoin zooms to fresh record high, tops $72,500. What's next?
Bitcoin hit a new all-time high on Tuesday, surpassing the $72,500 mark, boosted by a flood of inflows into new spot bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates. In the last 24 hours, Bitcoin jumped to an intraday high of $72,850.
Bitcoin has gained over 70% this year and most of the gains have come over the last few weeks. «The catalyst behind this surge is the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs,» said Rajagopal Menon, Vice President, WazirX.
Meanwhile, the market capitalization of BTC has now reached $1.42 trillion, exceeding that of silver, which stands at $1.38 trillion. «This positive momentum is attributed to the increasing interest in Bitcoin spot ETFs and the impending Bitcoin halving event,» said Edul Patel, CEO of Mudrex.
Supply of bitcoin, which is limited to 21 million tokens, is set to get tighter in April when the «halving» event takes place. Every four years, the rate at which new supply is released into circulation, as well as the reward for crypto miners, is halved, which tends to support the price.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds.
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