News - Bitcoin breaks through $71,000

By Mike Hesp

Bitcoin breaks through $71,000

Bitcoin (BTC)
Price update
ETF

A new all-time high for Bitcoin greets us every day. The cryptocurrency begins the week with a significant price growth.

Just in time for the morning of today, March 11, the Bitcoin reached a new all-time high. At the time of writing, the cryptocurrency's price is trading at more than $71,000, according to data from TradingView (Coinbase).

The cryptocurrency thus continues its bull rally of recent months, growing nearly 50 percent over the month.

Just last week Bitcoin through the all-time high of $69,000 which was reached in November 2021. The $70,000 mark was then crossed on Friday, March 8.

The entire crypto market is benefiting, with Ethereum growing by 14 percent in one week, BNB by a whopping 26 percent and memecoin Shiba Inu notching 32 percent growth in seven days.

The reason for the continued positive sentiment in the crypto market are the Bitcoin Spot ETFs launched in January by BlackRock, Fidelity and Co. The world's largest asset managers are picking up daily thousands of BTC of the market - while only 900 BTC is added by miners.

At press time, the market capitalization was $1.398 billion. Bitcoin has thus overtaken the precious metal silver.

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