Cryptocurrency Price on March 11: Bitcoin surges to new all-time high, crosses $71,000 mark for the first time

Bitcoin has gained nearly 70% this year and most of the rise has come in the last few weeks, boosted by a flood of cash into new spot Bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates.

The approval of 11 spot bitcoin ETFs by the US Securities and Exchange Commission in late January marked a watershed moment for the industry, following an 18-month-long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.

Net flows into the 10 largest US spot Bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data.

Meanwhile, other major crypto tokens such as BNB, Chainlink, and Polygon rose up to 6%. On the other hand, Solana, XRP, Cardano, Shiba Inu, and Tron declined.

"The positive momentum in the market is attributed to growing interest in Bitcoin spot ETFs and approaching Bitcoin halving event, which has historically impacted the price of Bitcoin. Now that Bitcoin surpassed the $70,000 threshold, the next target is at the $76,000 level," said Edul Patel, CEO of Mudrex.

The global cryptocurrency market cap rose 1.6% to around $2.68 trillion in the last 24 hours, while the total crypto market volume was $132 billion, which makes a 41.66% increase. The volume of all stablecoins is now $118 billion, which is 89.75% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.399 trillion. Bitcoin's dominance is currently 52.17%, according to CoinMarketCap. BTC volume in the last 24 hours rose 76% to $45.7 billion.

Source: Forex-Markets-Economic Times