With a market cap of more than USD 1.42 trillion, the world’s largest cryptocurrency Bitcoin has now soared to new heights reaching a valuation of USD 72,000 during the US trading on March 11th 2024, eclipsing silver to become the world’s 8th most valuable asset, as reported by the CompaniesMarketCap.Com
Outpacing Giants and Aiming Higher
Bitcoin has not only surpassed Meta but now sets its sights on Alphabet, Google’s parent company, which sits at just USD 1.7 trillion valuation. According to CoinDesk, enthusiasts are eyeing gold, the reigning champion with a market cap of USD 14.7 trillion, setting a formidable target for Bitcoin’s ascent, requiring a tenfold increase to surpass USD 720,000 per token.
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Record High Amidst Capital Surge and Supply Cut
As highlighted in a Bloomberg report, Bitcoin’s surge persists, fueled by a substantial influx of capital into crypto products and an impending reduction in the token’s supply growth. March 11 marked another milestone as Bitcoin hit an all-time high of nearly USD 72,881, maintaining a robust position at USD 72,165 on March 12 in Singapore. CoinShares International’s recent report unveiled a record USD 2.7 billion inflow into crypto assets last week, with a significant portion directed towards Bitcoin.
Driving Momentum: ETFs and Global Acceptance
Interestingly, the launch of Bitcoin’s Exchange Traded Fund (ETFs) in the United States on 11th January has been instrumental in driving recent momentum, with ETFs from BlackRock Inc. and Fidelity Investment amassing a combined net inflow of approximately USD 9.5 Billion, according to Bloomberg. Furthermore, the London Stock Exchange’s acceptance of Bitcoin and Ether exchange-traded notes and Thailand’s move to open overseas Crypto ETFs to retail buyers signify global acceptance.
Rise of “Millionaire Wallets” and Anticipation of Halving
Bitcoin’s rally continues to create around 1,500 new “millionaire wallets” daily, as reported by Kaiko Research, albeit lower than during the 2021 bull run. The impending halving event next month, coupled with ETF demand and limited supply, fuels bullish sentiment in the crypto market, eclipsing memories of the challenging 2022 bear market.
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Institutional adoption in the US is on the rise, signalling broader acceptance of Bitcoin and the crypto market as a whole. As Ophelia Snyder, co-founder, and president of 21 Shares, notes, “It’s quite early still. Not all institutions, not all wirehouses, have access to it.”
