In a groundbreaking development on March 11, Bitcoin soared to unprecedented heights, reaching a pinnacle of $71,500, as investors flooded the market with increased liquidity.
The surge in Bitcoin‘s price was swift and remarkable, catapulting to a fresh all-time high of $71,569 on BitMEX, surpassing its recent record set just days ago. CoinMarketCap data indicates that Bitcoin’s market capitalization has now approached $1.4 trillion.
Further insights from Coinranking exposed a significant uptick in Bitcoin prices on South Korean crypto exchanges, surpassing the $75,000 threshold primarily due to the Kimchi premium. This premium signifies the price spread attributed to factors such as capital controls and heightened demand in the South Korean market.
Simultaneously, a notable milestone was reached in the trading volume of spot Bitcoin exchange-traded funds (ETFs), exceeding $100 billion. BlackRock, the world’s largest asset manager, witnessed its spot Bitcoin ETF amass an impressive $10 billion in assets under management, achieving this feat at a pace unmatched in U.S. ETF history.
Tom Lee, Founder, and Head of Research at FundStrat Global Advisors, added to the optimistic sentiment surrounding Bitcoin’s trajectory. Lee forecasts a potential surge to an astonishing $150,000 within the next 12 to 18 months, further solidifying Bitcoin’s position as a formidable force in the financial landscape.
