Bitcoin, increasingly referred to as “digital gold,” has hit an all-time high, with silver’s market capitalization surpassing $71,000.
This is a milestone that Bitcoin has witnessed frequently since early March.
On Friday afternoon, Bitcoin surpassed $70,000 for the first time ever. Then, early Monday morning, the price of Bitcoin began to rise and was at $71,239.37 at the time of this writing. It’s up 2.7% since yesterday and 11.4% since this time last week.
As is usually the case, the all-time high price will vary depending on the exchange or price aggregator you check with. At approximately 9:20 CEST, the price of BTC on Coinbase was $71,700. $71,560 from CoinGecko; On CoinMarketCap it is $71,607.
Just three months ago, when expectations began to build about the approval of a spot Bitcoin ETF, Bitcoin flipped Meta, the parent company of Elon Musk’s electric car company Tesla, Facebook, Instagram, and WhatsApp, and Bitcoin. He cheered Warren Buffett’s multinational conglomerate, which he hated. Berkshire Hathaway.
This makes Bitcoin the 8th largest newly minted Bitcoin thanks to its market capitalization of $1.4 trillion. In addition to gold, which has long held the top spot with a market capitalization of $14.7 trillion, it still lags behind Microsoft, Apple, Nvidia, Saudi Aramco, Amazon, and Google parent company Alphabet.
Why are bullish prices rising? One of the biggest reasons is that the Bitcoin halving is approaching. According to NiceHash, the most recent estimate is that the halving will occur on April 15, about 35 days later.
Halving Bitcoin reduces the rewards paid to Bitcoin miners for processing new blocks on the network. This has already happened three times since Bitcoin was created. This fourth halving will see Bitcoin rewards reduced from 6.25 BTC to 2.125 BTC.
Meanwhile, this morning Ethereum recovered $4,000 for the first time since 2021 after first checking on Friday. At the time of writing, ETH appears to have encountered some resistance. The price of Ethereum is $3,992.13, up 1.3% since yesterday and 13.6% since last week.
By market cap, Ethereum’s $480 billion is larger than the SPDR S&P 500 ETF Trust and is quickly approaching Walmart’s $484 billion market cap, according to Infinite Market Cap.
ETH has some positive news as a tailwind this week. In just two days, Ethereum developers will release the Dencun upgrade. Developers said it is expected to make Ethereum transactions much faster and cheaper. decryption last week.