Bitcoin breaks records and exceeds $71,000 for the first time

Bitcoin has conquered new records this Monday.

Oliver Thansan
Oliver Thansan
10 March 2024 Sunday 16:55
17 Reads
Bitcoin breaks records and exceeds $71,000 for the first time

Bitcoin has conquered new records this Monday. The highest valued cryptocurrency has surpassed the level of $70,000 for the first time, even trading above $71,000 after rising more than 2% in the last 24 hours. The highs come after it exceeded $69,000 last week, its peak in 2021.

Behind it lie factors such as greater institutional investment after the approval of ETFs in the US; the imminence of the halving, a technical process that reduces the payment to miners and tends to skyrocket the value, and greater interest in general due to changes in interest rates, since the decreases make riskier assets more attractive. So far this year it is close to a 70% revaluation.

Javier Molina, senior market analyst for eToro, highlighted in an analysis that "the break of $69,500 puts us in the price discovery zone, which implies both at the level of euphoria and the attraction of new flows. "Watch out for increased volatility."

Spot ETFs serve as a thermometer for investor interest. Since its approval a couple of months ago, they have received net flows of about $10 billion, Bloomberg reports. The rise of bitcoin is an excuse for other cryptocurrencies to revalue. "The resurgence in the value of bitcoin underlines the underlying potential of the cryptocurrency sector," explains Javier García de la Torre, director of Binance Spain and Portugal.

Ethereum has seen a rise of more than 1% in the last 24 hours and is around $4,000. In its case, it is still far from the highs it recorded in 2021, when it exceeded $4,600 per unit. Likewise, Solana (0.5%, to $148) or Polkadot (1.3%, $10.60) rose, while there are more doubts in other prominent values ​​such as XRP or Cardano, in red at the start of the day.

Although the exercise is being positive for the digital asset sector, only bitcoin can say that it is at historical records. If compared with the maximums reached by each cryptocurrency, Ethereum is 20% below its ceiling, Solana 40%, XRP 80% and memecoins such as Dogecoin or Shiba Inu are around 60-80% down. , according to data from Coinmarketcap.

Another one that has been stealing attention in recent weeks is Worldcoin, the crypto linked to Sam Altman (OpenAI, ChatGPT) that has served as payment in the controversial campaign in which cryptocurrencies were offered in exchange for the iris data of volunteers. Finally, the Spanish Data Protection Agency has prevented it from continuing to do so. This cryptocurrency revalued close to 1% on the day, to $10.10, and has accumulated an increase of 180% since the start of the year.