By Adedapo Adesanya
The world’s most valued cryptocurrency, Bitcoin (BTC), reached a new all-time high of $71,415 on Monday, March 11 after rising 2.6 per cent in the last 24 hours.
The world’s first cryptocurrency rallied over 10 per cent during the past week and 47 per cent during the past month, according to CoinMarketCap data seen by Business Post.
The new all-time high comes three days after the second most-valued crypto token, Ethereum (ETH) breached the $4,000 mark for the first time since December 2021 on Bitpro Pulse.
Bitcoin’s bullish momentum can largely be attributed to increased institutional interest generated by the recently launched spot BTC exchange-traded funds (ETFs) in the United States.
Since launch, the ETFs have amassed over 4 per cent of the current BTC supply, surpassing $56.9 billion in total on-chain holdings.
At this rate, ETFs are projected to absorb 8.7 per cent of the BTC supply on a yearly basis.
Market analysts say that the ongoing demand could see the $75,000 level tested soon although a sharp reversal lower cannot be discounted.
Bitcoin was created in 2008 by Satoshi Nakamoto, the pseudonymous author of a white paper that established the concept of a digital currency that allows “online payments to be sent directly from one party to another without going through a financial institution.”
A key aspect of Bitcoin’s appeal is its anti-authoritarian stance – the ability to carry out financial transactions without a financial institution overseeing the process and charging fees.
Dipo Olowookere