The most famous cryptocurrency in the world, Bitcoin, has marked a new milestone by reaching a new all-time high of $70,000.
Bitcoin’s historic record of $70,000 testifies to the persistent interest of investors in Bitcoin and the world of cryptocurrencies in general.
In this article, therefore, we see what happened and how the rise of Bitcoin occurred and what could be the possible determining factors of Bitcoin’s new historical record of 70 thousand dollars.
Table of Contents
Record for Bitcoin: what happened
On 8 March, Bitcoin reached and exceeded the threshold of 70,000 dollars, marking its historical record. It should be underlined that March 8th was a day marked by a high level of volatility.
During the day, Bitcoin reached a peak of 70,170 dollars, falling shortly thereafter and finishing at 69,000. Bitcoin thus achieved a 10% increase over the week. As of today, the crypto trades at $68,284.
Therefore, this moment marked a real historical record for Bitcoin. Suffice it to say that since the beginning of 2024, Bitcoin has gained around 60 percent. This is therefore a significant increase.
Rise of Bitcoin: the factors of success
Many are wondering what are the factors and possible aspects that contributed to the historical record of 70,000 dollars.
In this regard, exchange-traded funds (ETFs) are certainly among the factors that have contributed to the push of Bitcoin towards new historical records.
In fact, what is most likely driving investors’ rush to cryptocurrency is the news that BlackRock is currently planning the addition of Bitcoin spot ETFs in its Global Allocation Fund. We are therefore talking about one of the largest asset managers in the world.
This news of the intention to include more and more Bitcoin in BlackRock’s investment portfolio was disseminated through the documentation filed with the United States Securities and Exchange Commission (SEC).
But not only. There are also other factors which, according to analysts, could have had a particular impact on Bitcoin’s new historical record.
ETF and Bitcoin: the new record of 70 thousand dollars
According to analysts, the continuous purchases of ETFs are supporting the great success in the Bitcoin market.
In this sense, ETFs are passively managed funds which, through their composition, reflect the trend in the value of an index.
Starting from 2024, Bitcoin ETFs entered the market. These are therefore funds whose performance is clearly correlated to that of Bitcoin.
In this way, bitcoin EFTs have proven to be a valid investment tool for those who want to invest in the cryptocurrency without having to purchase it directly.
Read also: Cryptocurrencies, early-year rally for Bitcoin: the 2024 scenario
