Bitcoin (BTC) price has surged above the $72,000 milestone on March, 11 2024, sparking early signals of another bullish outing in the week ahead.
Bitcoin price continues its blistering 2024 performance, soaring above the $72,000 milestone on around 12:00 GMT on March 11, adding over $100 billion to its market cap within the last 72 hours.
As Bitcoin price reached a new all time-high of $72,286.9, its market cap soared to $1.4 trillion for the first time ever, bringing its 2024 year-to-date performance to 73%.
Speculative traders mounting bullish bets and strategic spot traders looking for front-run Bitcoin ETFs trade openings appear to be the major catalysts behind the latest bullish wave.
With the new all-time-high, investments of large institutional players like MicroStrategy and BlackRock appear to be paying off.
MicroStrategy, a business intelligence firm, has expanded its digital asset portfolio to include 193,000 BTC, valued at approximately $13.896 billion. Over the weekend, the firm purchased an additional 12,000 BTC, bringing its total holding to 205,000 ($14.7 billon)
That move underscores the company’s view of Bitcoin as a viable store of value and investment asset.
Meanwhile, BlackRock, the world’s largest asset manager, has entered the Bitcoin space through its Bitcoin ETF, presently holding 197,943 BTC.
Both investments highlight Bitcoin’s increasing acceptance among institutional investors and represents a significant step for regulated diversified assets in cryptocurrency among top funds in the US.
