Bitcoin Surges Past 71K Dollars Milestone for the First Time Ever

Crypto News- Bitcoin’s journey to the stars continues as it hit a remarkable milestone today. The king of cryptocurrencies, BTC, surged to a new all-time high, clocking in at an impressive $72,253. This comes hot on the heels of its previous record of $71,415 achieved on March 11, marking a significant 2.62% rise within the last 24 hours alone.

In the past week, Bitcoin has seen a remarkable 10% surge, and over the last month, it’s soared an astonishing 47%. These numbers are nothing short of phenomenal, especially considering the crypto market’s volatility.

Bitcoin Surges Past 71K Dollars Milestone for the First Time Ever

Interestingly, this historic high follows closely on the heels of Ethereum (ETH), which breached the $4,000 mark just three days ago. It seems like the entire crypto sphere is experiencing an unprecedented surge.

One can’t help but wonder about the driving force behind Bitcoin’s meteoric rise. Well, it appears that institutional interest, fueled by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States, has played a significant role.

Since their launch, these ETFs have absorbed a remarkable 4.06% of the current Bitcoin supply, amassing a staggering $56.9 billion in total on-chain holdings. With projections suggesting an annual absorption rate of 8.65%, it’s clear that institutional investors are bullish on Bitcoin’s future.

In fact, digital asset manager Bitwise anticipates even greater institutional involvement, with trillions of dollars in assets expected to flow into spot Bitcoin ETFs by the end of June. This sentiment is echoed by the recent influx of over 33,000 BTC ($2.3 billion) into these ETFs, despite Grayscale’s GBTC fund experiencing outflows.

Even amidst these record-breaking highs, Bitcoin whales remain unfazed. While the number of addresses holding at least 1,000 BTC has risen to 2,107, it’s worth noting that this figure still falls short of the record set in February 2021.

With the highly anticipated Bitcoin halving event just around the corner on April 20, which will see mining rewards halved, the stage is set for further excitement and speculation in the crypto market. As Bitcoin continues to defy expectations and rewrite the rules, one thing remains certain: the crypto revolution is far from over.