- Bitcoin’s new ATH signals strong market confidence and potential for further growth.
- The upcoming halving event and decreasing exchange supply underline Bitcoin’s growing scarcity and value as a digital store of wealth.
Bitcoin (BTC) has not only shattered the $70,000 barrier but also set a new all-time high (ATH), trading at $70,973. This significant milestone comes shortly after the cryptocurrency surpassed its previous ATH, marking a period of rapid appreciation.
Over the last 24 hours, Bitcoin experienced a 2% increase, contributing to a 12% rise over the past week. As of the latest trading data from CoinMarketCap, BTC has seen a 1.40% increase in the last day alone, with a staggering 65% rise since the onset of 2024.
The Surge in Open Interest and Bitcoin Futures
This historic climb has not gone unnoticed in the futures market, where Open Interest (OI) in Bitcoin futures witnessed a 3.87% increase, surpassing the $34 billion mark. This surge in interest is indicative of the growing confidence among investors and traders in Bitcoin’s continued upward trajectory, building on previous reports by ETHNews.
Despite the impressive gains, the Bitcoin network’s daily production rate stands at just $45 million, as reported by Santiment. This figure pales in comparison to the burgeoning demand, which is approximately five times greater than the supply.
The upcoming halving event next month is anticipated to reduce block emissions further, potentially exacerbating this supply-demand imbalance and fueling BTC’s ascent.
The scarcity of Bitcoin is becoming increasingly apparent, with just over 4% of the total supply currently available for trading. This decline in exchange supply, despite 100% network profitability, suggests a strong trend of long-term holding among BTC enthusiasts.
Many investors are viewing BTC as a store of value, akin to gold in the early days of banking, rather than seeking immediate profits. To explore this development in more depth, you can watch the YouTube video below.
The Community’s Reaction
The crypto community has been abuzz with reactions to Bitcoin’s latest achievements. Notable crypto trader and investor, Crypto Rand, highlighted the significant milestone of Bitcoin, it overtaken silver in term of market cap.
💥 BREAKING: #Bitcoin just overtaken #silver in terms of Market Cap! #Google next!
LFG ✌️ pic.twitter.com/a5HGUhs9Hz
— Crypto Rand (@crypto_rand) March 11, 2024
Echoing this sentiment, Bitcoin proponent TruStory859 said;
“The scenario of Bitcoin going to zero is no more. BTC is playing the same role as gold did in the early days of banking.”
This statement reflects a widespread belief in Bitcoin’s enduring value and potential as a foundational asset in the digital age.
Not only that, adding to the excitement, popular crypto YouTuber Crypto Rover remarked on the significance of the ATH breakthrough.
This is it, the ATH break.
The last time #Bitcoin did this, it pushed over 20% in 24 hours.
If you are well positioned like me, sit back and relax.
— Crypto Rover (@rovercrc) March 11, 2024
This historical perspective offers interesting clues about possible short-term Bitcoin price movements following such a significant milestone, which would clearly trigger an even bigger wave of money coming into the crypto market.
Eyes Set on $100K Mark
As Bitcoin continues its unprecedented rally, surpassing significant milestones with ease, the crypto community’s attention is now riveted on the next major target: the $100,000 mark.
The combination of a shrinking supply, heightened demand, and the optimistic sentiment fueled by recent achievements has set the stage for what many believe to be the inevitable climb to this six-figure valuation.