Bitcoin Has Reached a New All-Time High!

On Monday (March, 11) afternoon, the price of the most popular and largest cryptocurrency on the market crossed the $72,000 mark for the first time ever, reaching a new all-time high. The last time Bitcoin traded just above the 69-thousand level was back in November 2021 during the biggest bull run in the cryptocurrency market, when Bitcoin reached its all-time price high of $69,045.

This Monday, the price of Bitcoin reached as high as $72,800 (€66,500) according to the Coinmarketcap, setting a new all-time high for Bitcoin. Just since the beginning of this year, Bitcoin has risen more than 69% in the BTC/USD currency pair, with an appreciation of up to 330% since the beginning of 2023.

A major factor significantly affecting Bitcoin’s value is January’s approval of spot bitcoin exchange-traded funds (ETFs). Back in the first half of January, the U.S. Securities and Exchange Commission (SEC) gave the green light to a number of bitcoin ETFs, with more than $26 billion in capital flowing into eight newly created funds in less than two months.

One important factor influencing market dynamics and sentiment is undoubtedly the impending bitcoin halving, which is expected to take place as early as April this year. Halving will reduce the amount of newly mined bitcoins in each block, with the reward being reduced from 6.25 BTC per block to 3.125 BTC per block. This will result in far fewer new bitcoins entering circulation, increasing its scarcity and potentially causing a supply-side shortage.

Over the past months, Bitcoin has continued to strengthen its market dominance. Over the past year, Bitcoin’s market dominance has increased by over 23%, with bitcoin increasing its market dominance from 43 percentage points to almost 55 percentage points.

Altcoins have also thrived. The market number two Ethereum has risen more than nearly 77% since the beginning of the year in the BTC/USD currency pair, crossing the $4,000 mark. Solana has also seen an interesting appreciation, rising nearly 50% since the beginning of the year.