Bitcoin price breaks through the $70,000 mark for the first time

-->Bitcoin, the most famous cryptocurrency, reaches a new all-time high. On March 8, 2024, the price shot through the magical barrier of $70,000 for the first time on the major crypto exchanges. To be precise, it’s about $70.170. This new high marks a significant milestone in the history of digital currencies, with the market capitalization now surpassing the impressive $1.34 trillion mark.

At the time of writing, Bitcoin’s price has retreated slightly to $68,320, representing a 2.60% decline from its all-time high. Despite this small setback, the cryptocurrency remains an investor favorite and an important part of the digital economy.

An interesting indicator that is often looked at by investors is the ratio between the price of bitcoin and gold. Currently, one Bitcoin is worth 33.6 ounces of gold, underscoring Bitcoin’s strong position against traditional safe havens such as gold. Furthermore, Bitcoin’s market capitalization now represents 9.72% of that of the entire gold market.

Bitcoin in the market

As for the general supply, there are currently 19,648,230.49 BTC in circulation, which represents 93.56% of the total possible supply.

This recent performance of Bitcoin highlights the growing acceptance and integration of cryptocurrency into the broader financial landscape. As the digital currency continues to fluctuate, interest from both private and institutional investors continues to grow.