Latest Bitcoin Hits New All-Time High at US$72 Thousand, Market Cap Surpasses Silver!
Bitcoin's price is on a positive trend, reaching a new all-time high of US$72,000 or around Rp1.11 billion (11/3).
The latest record was broken less than a week after Bitcoin reached its previous all-time high of US$69,200 (5/3), then corrected to the US$66,000 level, fluctuating until reaching the range of US$70,000 to US$72,000 today.
Surpassing Silver Market Capitalization
The increase in Bitcoin's price has pushed its market capitalization to reach US$1.4 trillion, making it the eighth most valuable asset, surpassing silver with a market capitalization of US$1.3 trillion, which is now in ninth position.
A year ago, in March 2023, Bitcoin experienced a significant decline, dropping back to US$20,000 after failed attempts to break the US$30,000 mark.
In the following months, Bitcoin regained its momentum, largely due to financial institutions such as BlackRock, Fidelity, Ark Investment, and others applying for Bitcoin spot ETF applications. The application was finally approved by the Securities and Exchange Commission (SEC) in January 2024.
Since its launch, the ETF has accumulated 4.06% of the current Bitcoin supply, surpassing the total on-chain ownership of US$57.7 billion, according to data from Dune. At this rate, the ETF is projected to absorb 8.65% of the BTC supply annually.
According to Cointelegraph, digital asset manager Bitwise expects more institutions, representing "trillions of dollars in assets," to prepare to buy Bitcoin spot ETFs by the end of June, according to an investment report sent to investors on March 9.
Analysts Optimistic Bitcoin to Reach US$100,000
Meanwhile, analysts such as PlanB and Willy Woo have offered bullish predictions for the future of Bitcoin.
PlanB, known for applying the stock-to-flow model to Bitcoin, anticipates a real increase to begin after the upcoming halving, with potential price targets ranging from US$100,000 to US$1 million. Willy Woo echoes this sentiment, stating that the recent rally from around US$16,000 in November 2022 is just the beginning of a more substantial bullish market.
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