Cryptocurrency Price on March 11: Bitcoin surges to new all-time high, crosses $71,000 mark for the first time (2024)

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Cryptocurrency Price on March 11: Bitcoin surges to new all-time high, crosses $71,000 mark for the first time? ›

Synopsis. Bitcoin hit a new all-time high on Monday, surpassing the $71,000 mark as money keeps rushing into the largest cryptocurrency by market value. In the last 24 hours, Bitcoin jumped to an intraday peak of $71,030 in volatile trading. It was last 2.4% higher at $70,900 at 1:07 pm IST.

Bitcoin (BTC) continued to climb against the US dollar on Wednesday with another 0.8% gain on the BTC/USD pair. The world's largest cryptocurrency is now trading above $71,000 for the first time in over two weeks as the bulls aim to reclaim its all-time high of $73,777 achieved in mid-March.

Bitcoin's remarkable ascent continues, breaking past $73,000, fueled by the recent approval of spot bitcoin ETFs and the buzz surrounding the upcoming halving event.

In March, the company raised $604 million in new debt, promptly investing the net proceeds to buy 9,245 Bitcoins. The constantly growing crypto collection amplifies Bitcoin's price moves, adding both financial risk and potential long-term gains to the underlying digital asset.

Bitcoin's bullish week began largely as a result of the softer-than-expected April inflation data. But it continued due to renewed optimism surrounding the possible approval of spot Ethereum exchange-traded funds, or ETFs. Indeed, Ethereum (ETH) has been gaining too. ETH is up a whopping 23% over the past 24 hours.

As of 2024, Bitcoin's highest price ever recorded is $73,844. However, the price has retreated pretty quickly due to the anticipation of Bitcoin halving (which happened on April 20, 2024) and several other factors.

Bitcoin BTC/USD price history up until Jul 26, 2024

Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024.

There are several risks associated with investing in cryptocurrency: loss of capital, government regulations, fraud and hacks. Loss of capital. Mark Hastings, partner at Quillon Law, warns that investors must tread carefully in crypto's unique financial environment or risk significant losses.

So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.

You might want to sell your crypto under some specific circ*mstances. If there is a lack of blockchain development progress or a string of negative news, you might want to sell your cryptocurrency. If you've reached your investing goals or want to reallocate your holding, you might want to sell your cryptocurrency.

Which coin will reach $1 in 2024? ›

In the dynamic landscape of cryptocurrency, these ten coins, including TRON, Shiba Inu, Astar, Kaspa, Dogecoin, Stellar, Kava, Polygon, Cronos, and VeChain, present diverse potentials for reaching the $1 milestone in 2024. Investors keen on penny cryptos have a spectrum of options to explore.

During times when there is a lower demand for the functionality that Bitcoin offers, its price can decrease.

The next bitcoin halving is expected to occur in April 2024, when the number of blocks hits 740,000. It will see the block reward fall from 6.25 to 3.125 bitcoins.

If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.

Effects of Supply on Bitcoin's Price

A scarce asset is likelier to have high prices, whereas one available in plenty will have low prices. Bitcoin's supply is generally well-publicized, as there will only ever be 21 million produced and only a specific amount created per year.

Crypto Crash May Have Started with Derivatives

Liquidating derivative contracts like futures and options commonly follows prolonged declines in asset prices. This has been notably true for crypto this week, after the prices of Bitcoin and other digital currencies steadily fell in August.

The New Liberty Standard Exchange recorded the first exchange of Bitcoin for dollars in late 2009. Users on the BitcoinTalk forum traded 5,050 bitcoins for $5.02 via PayPal, making the first price mediated through an exchange a bargain basem*nt price of $0.00099 per bitcoin.

Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000. The journey to the record high in March was largely driven by the approval and launch of the spot bitcoin exchange-traded funds, or ETFs, in the U.S. in January.

In 2021, BTC hit an all-time high price of US$68,789.63. On the other hand, BTC has had its fair share of valleys throughout its history. At certain points in time — including 2018 and 2022 — it was trading at a discount of up to 50%.

“Based on the current market trend, it is possible that bitcoin may reach up to $100,000 by the end of 2024 and could potentially surpass $200,000 by the end of 2025,” Collins said. Unfortunately, he said it's unlikely bitcoin's momentum in 2023 and 2024 will continue indefinitely.