Bitcoin Surges to Record High, Crossing $71,700 Mark for the First Time
Bitcoin’s 24-Hour Surge: Value Jumps by $2,508, Reflecting a 4.57% Increase
The recent surge in Bitcoin’s value is not only a historic milestone for the cryptocurrency but also a testament to its growing acceptance and mainstream adoption. Bitcoin reached an impressive trading price of $71,733 on Tuesday, marking a significant milestone in its journey since its inception in 2009. This latest all-time high surpasses the previous record of $69,000 achieved in November 2021, reflecting the continued bullish sentiment surrounding the digital asset. In the last 24 hours alone, Bitcoin saw a substantial increase of $2,508, representing a notable spike of 4.57 percent.
The positive momentum in Bitcoin’s price has also had a ripple effect across the broader cryptocurrency market, with many altcoins experiencing gains as well. This surge in value can be attributed to several factors, including the growing acceptance of Bitcoin among institutional investors and the increasing adoption of digital assets by mainstream financial institutions. Institutions such as the London Stock Exchange have announced plans to accept Bitcoin and Ethereum Exchange-Traded Notes (ETNs), signaling a broader institutional embrace of cryptocurrencies.
According to Rajagopal Menon, Vice President of WazirX, the growing credibility and acceptance of Bitcoin among institutions are acting as major catalysts for its price surge. Investors are increasingly viewing Bitcoin as a legitimate asset class, leading to heightened demand and price appreciation. As a result, the cryptocurrency ecosystem is witnessing renewed optimism and investor interest, with many anticipating further highs in the market.
The bullish sentiment extended beyond Bitcoin, as Ether, the native cryptocurrency of the Ethereum network, also joined in the rally. Ether recorded a significant gain of 5.41 percent, reaching a price of $4,043. Over the past day, Ether’s value has risen by $203, bringing it closer to its previous all-time high of $4,721. This upward momentum underscores the broader bullish sentiment prevailing in the cryptocurrency market, driven by factors such as increasing institutional adoption and investor confidence.
Bitcoin, for the first time since its inception in 2009, impressively spiked to a trading price of $71,733 (roughly Rs. 59.3 lakh) on Tuesday, March 12. This is Bitcoin’s latest all-time high (ATH) since the company went past the $69,000 (roughly Rs. 57 lakh) mark it achieved in November 2021. In the last 24 hours, the value of Bitcoin rose by $2,508 (roughly Rs. 2.07 lakh), marking a spike of 4.57 percent. This rally for BTC has positively impacted most cryptocurrencies, the majority of which are currently trading in profits.
“The growing acceptance of Bitcoin across institutions is acting as a major catalyst for the price surge. Investors are looking at this as a move towards greater credibility for the asset. The London Stock Exchange, for instance, has announced that they would accept Bitcoin and Ethereum Exchange-Traded Notes (ETNs) this year, indicating the increased demand for Bitcoin among ETFs. The ecosystem is bracing itself for new highs and trying to enter the market for better gains,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.
Ether joined Bitcoin’s rally on Tuesday. With a profit of 5.41 percent, the present pricing of ETH stands at $4,043 (roughly Rs. 3.34 lakh). Over the last day, the value of ETH has managed to rise by $203 (roughly Rs. 16,800). The asset seems to be inching closer to its previously attained ATH of $4,721 (roughly Rs. 3.90 lakh).
