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Bitcoin Hits Historic $1.35 Trillion Market Cap, Surpassing Silver

On March 5, Bitcoin’s market value soared to an unprecedented peak of $1.35 trillion, marking a significant milestone in the cryptocurrency’s history.

This surge was fueled by a 3.35% increase in Bitcoin’s price over the previous 24 hours, reaching $67,322 by 12:55 pm UTC.

Over the past week, the first-ever cryptocurrency saw an impressive gain of over 17%, as reported by CoinMarketCap.

This record-setting performance momentarily positioned Bitcoin as the world’s eighth-largest asset, surpassing the $1.347 trillion market cap of silver, the globe’s second-most valuable precious metal, as per CompaniesMarketCap.

The remarkable climb followed a record-breaking daily close of $68,245 on March 4, eclipsing its prior highest close of $67,525 on November 8, 2021.

This development has fueled predictions by analysts that Bitcoin’s price might hit the $100,000 threshold by the end of 2024.

A significant factor contributing to Bitcoin’s bullish momentum has been the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

READ MORE: Bitcoin Withdrawals Surge as Exchanges See Largest Outflows in 5 Years Amid Price Rally

A March 4 Bitfinex research report highlighted a 44% surge in Bitcoin’s value in February, attributing the growth to a $7.5 billion investment in Bitcoin ETFs.

This influx not only catalyzes market expansion but also underscores a positive market sentiment and the potential for further investment.

Furthermore, Bitcoin futures on centralized exchanges have witnessed record-high open interest, signifying strong investor confidence in a continuous uptrend.

Bitfinex analysts noted that the total open interest for Bitcoin futures contracts exceeded $26 billion on March 1, breaking the previous high of $24 billion set in late 2021.

Adding to the flurry of activity, MicroStrategy, the leading corporate investor in Bitcoin, announced plans to raise $600 million to finance additional Bitcoin purchases.

The funding, disclosed in a March 4 X post by executive chairman Michael Saylor, will be sourced through senior convertible notes, highlighting the company’s ongoing commitment to Bitcoin investment amidst a buoyant market.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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