Bitcoin, The Asset That You Either Love, Hate, or Missed Out On Has Finally Broke New All-Time Highs – The Average Joe
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    Bitcoin, The Asset That You Either Love, Hate, or Missed Out On Has Finally Broke New All-Time Highs

    Noah Weidner

    March 5, 2024

    Houston, Bitcoin has landed at its all-time high. We lost many along the way, but after 846 days, the world’s largest cryptocurrency finally broke a new record high, briefly surpassing $69K. But in true crypto style, volatility followed, with its price plunging 10% within hours. Still, plenty more fuel could be in the tank to take the $1.25T market cap crypto to Mars (and even beyond…).

    The BTC bump: Unlike the 2020 bull market, Bitcoin’s latest ascent is surprisingly devoid of influencers and grifters. Instead of Lambos and lavish parties, the industry has found a new crowd as Wall Street embraces the crypto ahead of one of its biggest events. Bitcoin has rallied over 320% since the collapse of FTX in Nov. 2022 — most of these gains came in recent months as US regulators approved the first spot Bitcoin exchange-traded funds (ETFs).

    • The ten approved ETFs have attracted over $24.3B in net deposits since their January launch, with BlackRock’s $IBIT ETF reaching $10B faster than any ETF in history.
    • Bitcoin could also soon challenge gold’s dominance, with Bloomberg’s Eric Balchunas tweeting that $BTC fund inflows are on track to surpass total gold ETF assets within two years.

    What’s next for the world’s most controversial asset?

    “This time is different” are four of the most dangerous words in investing… but this time really could be different. Wall Street’s stamp of approval has propelled $BTC to new heights — but what does that mean going forward?

    • Bitcoin influencer Dylan LeClair observed several instances in past bear markets when $BTC finally broke all-time highs; it doubled in the following weeks.
    • Investors are also preparing for Bitcoin’s fourth halving, historically seen as a bullish event that reduces the amount of new Bitcoin entering circulation by half.

    Rise of the rest: When Bitcoin booms, the rest of the crypto market tends to follow suit. Ethereum, the second-largest crypto, has climbed to its highest point since Apr. 2022. Meme coins are also rallying, with Dogecoin ($DOGE) up over 60% this week. The weirdness is likely to continue as people are once again shelling out millions for NFTs. So we think it’s fair to say…. we are so back.

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