Bitcoin notches fresh record high for fourth time in six days (Cryptocurrency:BTC-USD)
03/13/2024 22:35
Bitcoin's price reaches new all-time high amid strong inflows into cryptocurrency ETFs. Other major tokens also see buying pressure.
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Bitcoin (BTC-USD) reached yet another all-time high in Wednesday morning trading as inflows into exchange-traded funds investing directly in the cryptocurrency continued to go strong.
The world's largest digital token by market cap advanced to as high as $73.6K, before paring gains to trade at $72.8K at 11:35 a.m. ET. This marks the fourth time in six days the crypto has hit a fresh record high.
The price hike comes a day after net daily inflows into spot bitcoin (BTC-USD) ETFs exceeded $1B for the first time, BitMEX Research wrote in an X post. BlackRock's (BLK) iShares Bitcoin Trust ETF (IBIT) experienced a record $849M of daily inflows.
Other major tokens also saw buying pressure. Ether (ETH-USD), in particular, rose as much as 3.3% to $4,083, only to reverse gains later in the session. The Ethereum blockchain is undergoing a long-sought software upgrade, known as Dencun, that is expected to significantly reduce expenses for Layer 2 networks that operate on top of Ethereum.
In all, the global crypto market value increased 1.4% over the last day to $2.74T, according to data from CoinMarketCap.
Crypto-related stocks, too, gapped up, with MicroStrategy (MSTR) climbing 9.4%, Coinbase (COIN) gaining 3%, Riot Platforms (RIOT) +2.4% and Marathon Digital (MARA) +2.3% at the time of writing.