News - BTC breaks three records: this is how strong March 2024 was for Bitcoin

By Mike Hesp

BTC breaks three records: this is how strong March 2024 was for Bitcoin

Bitcoin (BTC)
Price update
ETF

Strongest streak, best monthly close and first all-time high before the halving: Bitcoin celebrates three records in March 2024.

March 2024 was one of the best months for Bitcoin in a long time. This is evident from three records.

For the first time in 12 years, Bitcoin closed seven months in a row with a price increase. The last time this happened was in 2012, when BTC rose 152 percent. This time: 170 percent. This is the strongest increase ever.

For the first time in its history, Bitcoin closed a month above $70,000. Although BTC reached a record high of $68,000 in 2021, it never closed a month above $61,000.

For the first time in its history, Bitcoin reached an all-time high before the halving occurred. Previous all-time highs always followed several months after the halving - never before.

The halving halves the reward miner receives every four years for mining Bitcoin. You can learn all about it here.

US$40,000 to US$250,000: This is what the current forecasts say about 2024 price targets.

But it could go even higher: which is why big investor Cathie Wood sees the cryptocurrency against 2030 reach one million.

One reason for the record performance this year: the admission of Bitcoin spot ETFs.

That was negotiated for years. Eleven applicants were approved on Jan. 11, 2024. The Bitcoin spot ETF allows institutional investors in particular to buy the cryptocurrency through asset managers.

The ETF of BlackRock, the world's largest asset manager, is extremely successful. It is the fastest-growing ETF of all time. And BlackRock is already one of the largest hodlers of BTC.

According to Arkham Intelligence, there are 252,000 BTC with an equivalent value of about US$17 billion. An increase of nearly 70 percent this month alone. Only Grayscale currently has more (335,000 Bitcoin).

However, some also warn about this development: "Bitcoin spot ETFs were a huge mistake," said Jim Bianco, founder and CEO of Bianco Research, in an interview with Bloomberg. They would jeopardize the independence of the cryptocurrency.

Overall, Bitcoin rose about 16 percent in March 2024 and is currently trading at $66,500 with a market capitalization of $1.3 trillion.

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