The queen of cryptocurrencies continues to increase. It has just crossed a new historic threshold, never before known to the market.

Bitcoin continues its crazy ride. This Wednesday, March 13, the queen of cryptocurrencies broke a new historic record, above $73,000, never before known by the market. At 10:45 a.m., on CoinMarketCap, bitcoin is trading above $73,400 and seems to continue to soar. As a reminder, last week, bitcoin exceeded its all-time high of $68,790, reached on November 10, 2021.

+53% increase in one month

Bitcoin, which is approaching a never-before-reached symbolic threshold of $75,000, gained 3% in one day, 10% in one week and 53% in one month. Its capitalization stands at $1.4 trillion, bringing the entire crypto market into the green. The price of bitcoin can vary by a few dollars depending on the cryptocurrency exchange platforms. BFM Crypto was based on the bitcoin price established by Coinmarketcap, which averages the bitcoin price of different crypto platforms.

ETF, Halving

Several factors explain this surge. On the one hand, the American stock market watchdog (the SEC) authorized 11 spot bitcoin ETFs on January 10, offered in particular by asset managers like Blackrock and Fidelity. Since then, investors have been flocking to these new products. An ETF (or Exchange Traded Funds) is an index fund trading on a stock exchange which follows the evolution of a stock index (or one or more financial or physical assets, such as gold) by replicating the increase as well as the drop in the price of this index (or these assets).

Furthermore, some investors are anticipating an event that will take place on April 19: the bitcoin halving. This event consists of the halving, every 4 years, of the number of new bitcoins put into circulation on the market as rewards to miners who validate transactions (see our UNDERSTANDING EVERYTHING on this subject). Over the last three halvings, a reduction in the available supply of new bitcoins has caused the value of the asset to increase. Some experts anticipate a further increase in assets after April 2024.

Source: https://www.bfmtv.com/crypto/bitcoin/le-bitcoin-depasse-les-73-000-dollars-nouveau-record-historique_AV-202403130388.html



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