Bitcoin holders rejoice as value breaks unprecedented $71,000 milestone marking new ATH Bitcoin holders rejoice as value breaks unprecedented $71,000 milestone marking new ATH
Bitcoin's rapid price gowth to a new all-time high has put all its holders in a profitable position.
2 min read
Updated: Mar. 11, 2024 at 9:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s price is trading above $71,000 for the first time in its history after increasing by more than 2% during the past day.
Over the weekend, Bitcoin largely hovered around the $68,000 mark. However, during the early Asian trading hours today, it surpassed the $70,000 threshold and quickly surged to above $71,500. This rapid ascent places all Bitcoin holders in profit, according to IntoTheBlock data.
BTC was trading at $71,551 as of press time, according to CryptoSlate’s data.
Why BTC is rallying
The recent surge in BTC price can be attributed to a blend of factors, notably the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US and the forthcoming Bitcoin halving event.
Since their launch in January, these ETFs have become significant holders of the top digital asset. BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone has swiftly accumulated 196,065 BTC, surpassing MicroStrategy’s total BTC holdings.
Other leading ETFs such as Fidelity’s Wise Origin Bitcoin Trust, Ark/21 Shares Bitcoin Trust, and Bitwise Bitcoin ETF also boast substantial holdings of the flagship digital asset.
Remarkably, the cumulative trading volumes for these ETFs have exceeded $100 billion, and they collectively hold about 4% of all BTC in circulation.
Moreover, these ETFs have started aligning crypto trading activity with traditional stock market hours, underscoring the increasing integration of digital assets into mainstream financial systems.
Meanwhile, the upcoming halving event is bullish for the industry because it enhances Bitcoin’s scarcity by reducing miner rewards. According to the Bitcoin Halving Clock, approximately 5,815 blocks remain before the event, estimated to occur by April 17.
Over $100 million liquidated
CoinGlass data shows that BTC’s upward price movement liquidated more than $100 million from traders speculating on its price during the past day.
Long traders saw losses totaling $53 million, while short traders faced approximately $56.53 million in liquidations.
Notably, the single most significant liquidation order was an $8.8 million long position held on the Bybit exchange.
Bitcoin Market Data
At the time of press 9:51 am UTC on Mar. 11, 2024, Bitcoin is ranked #1 by market cap and the price is up 2.57% over the past 24 hours. Bitcoin has a market capitalization of $1.41 trillion with a 24-hour trading volume of $48.72 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 9:51 am UTC on Mar. 11, 2024, the total crypto market is valued at at $2.7 trillion with a 24-hour volume of $139.01 billion. Bitcoin dominance is currently at 52.19%. Learn more about the crypto market ›
Mentioned in this article
Bitcoin 
BlackRock 
Fidelity Investments 
Bitwise 
MicroStrategy iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 
Bitwise Bitcoin ETF Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
The Bitwise Bitcoin ETF (BITB) is a newly launched exchange-traded fund that provides investors with exposure to Bitcoin.