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Bitcoin (BTC) price has surged above the $72,000 milestone on March, 11 2024, sparking early signals of another bullish outing in the week ahead.
Bitcoin price continues its blistering 2024 performance, soaring above the $72,000 milestone on around 12:00 GMT on March 11, adding over $100 billion to its market cap within the last 72 hours.
As Bitcoin price reached a new all time-high of $72,286.9, its market cap soared to $1.4 trillion for the first time ever, bringing its 2024 year-to-date performance to 73%.
Speculative traders mounting bullish bets and strategic spot traders looking for front-run Bitcoin ETFs trade openings appear to be the major catalysts behind the latest bullish wave.
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With the new all-time-high, investments of large institutional players like MicroStrategy and BlackRock appear to be paying off.
MicroStrategy, a business intelligence firm, has expanded its digital asset portfolio to include 193,000 BTC, valued at approximately $13.896 billion.
That move underscores the company’s view of Bitcoin as a viable store of value and investment asset.
Meanwhile, BlackRock, the world’s largest asset manager, has entered the Bitcoin space through its Bitcoin ETF, presently holding 195,975 BTC, or $14.11 billion in fiat denominated holdings.
Both investments highlight Bitcoin’s increasing acceptance among institutional investors and represents a significant step for regulated diversified assets in cryptocurrency among top funds in the US.
Read more: Is Ethereum (ETH) a better investment than Bitcoin in 2024?