The market value of Bitcoin, the cryptocurrency with the highest market cap, reached $1.35 trillion for the first time in its history before declining.
Bitcoin rose to $67.5 thousand, approaching its record levels of about $69 thousand recorded in November 2021, and Bitcoin is now trading at $66.5 thousand, an increase of about 3.8 percent.
The price of cryptocurrencies has risen by more than 20 percent in the past week. Last year, Bitcoin prices reached a low of $19.6 thousand.
Due to its large market capitalization and dominant position in the market, Bitcoin’s high price has helped raise the prices of other premium cryptocurrencies. Shiba Inu (SHIB) is popular with Indian investors, rising more than 280 percent in the past week. Dogecoin (DOGE) has also seen… ) an increase of more than 100 percent.
The currency is expected to soon witness the so-called “Bitcoin halving” scheduled to take place around April of this year, where the Bitcoin mining reward will be halved.
The halving occurs approximately every four years, and is intended to slow the rate of new coins entering the system. Many investors believe this makes the price of Bitcoin rise, due to its perceived scarcity.
2024-03-05 17:07:01
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