As the price of Bitcoin approaches an all-time high, crypto enthusiasts are on the edge of their seats, anticipating a level never seen before. However, the token's market value has already reached an all-time high.
According to CoinGecko, Bitcoin's market valuation hit $1.35 trillion, surpassing the $1.28 trillion mark reached in November 2021. In that month, the token reached its peak during the epidemic bull run, jumping to $68,991.85.
During the most recent surge in the value of the oldest cryptocurrency, Bitcoin's capitalization reached new heights as the supply of the cryptocurrency increased.
With an earlier high of $68,804, the digital asset fell 1.5 percent to $66,555 at 8:16 a.m. London time on Tuesday.
A more credible price indicator that a new phase of the present market is starting has historically been a record market value, according to David Lawant, head of research at crypto prime broker FalconX.
New US spot Bitcoin exchange-traded funds' demand and an impending cap on token growth have driven recent advances. Ever since they debuted on January 11, ETFs from major players like BlackRock Inc. and Fidelity Investments have seen net inflows of about $8 billion.
Leveraged bets in futures markets and double-digit intraday rises in meme coins are only two examples of the broader return of speculative enthusiasm in the cryptocurrency market. As an example, on March 4, open interest in the Bitcoin futures market run by the Chicago-based CME Group reached a new high.
If demand for exchange-traded funds (ETFs) begins to decline, the digital asset market could see a reversal due to the protracted investor positioning. For the time being, nevertheless, the spot, ETF, and futures markets are seeing largely bullish action.
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