The world’s largest cryptocurrency, Bitcoin, reached an all-time high of $69,202, surpassing the record set in 2021.
The Bitcoin rate on Tuesday, March 5, reached a new all-time high of $69,202, but managed to bounce back to $65,079.5. This is proven by trade data.
The world’s most popular cryptocurrency Bitcoin reached a record $69,202, surpassing the previous all-time high of $68,999.99 set in November 2021.
The price of Bitcoin showed a stunning increase since October – almost 160%, of which 44% occurred in February.
Bitcoin is supported by the fact that the US Securities and Exchange Commission (SEC) has officially approved the launch of the first 11 ETFs that invest directly in Bitcoin. Traders in South Korea, China and other Asian countries account for around 70% of Bitcoin trading volume.
By 2024, Bitcoin’s value has surpassed traditional assets, including stocks and gold. The ratio comparing the price of cryptocurrency to the price of the precious metal is at its highest level in the last two years.
We remind you that in January the United States took an important step towards legalizing Bitcoin. The SEC allowed fund industry heavyweights BlackRock, Invesco and Fidelity to compete with smaller rivals including Valkyrie to begin trading. After that, the price of the cryptocurrency began to rise rapidly.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.