Bitcoin price today March 11, 2024

MADRID (EFE).- Bitcoin, the most used cryptocurrency, today exceeded $72,700 and reached a new all-time highdriven by the entry of large investment funds into the cryptocurrency market and by the upcoming reduction, in April, in the pace of Bitcoin creation.

The best-known cryptocurrency touched $72,717.25 at 4:35 p.m., according to Bloomberg data, which is a new record.

The bitcoin, which marked several highs during the morningreached $69,191.9 last Tuesday and surpassed the record in force since November 10, 2021 ($68,991).

Later on Friday, The cryptocurrency surpassed the level of $70,000 and reached 70,085.

Since January 23, when Bitcoin fell to its annual low ($38,509), the cryptocurrency has appreciated by nearly 90%.

Analysts attribute the strong bitcoin rise to the decision of the SEC, the US stock market supervisor, to authorize the creation of exchange-traded funds (ETF) linked to the spot price of this cryptocurrency.

The director of Institutional Training at Bit2Me, Javier Pastor, assured, in statements to EFE, that the bitcoin market is in a “completely new” scenario since the ETFs were approved in the US.

At this time, Pastor highlighted, an average of 4,438 bitcoins are acquired per day, which, at current prices, represents the entry into the market of between 310 and 315 million dollars.

“The madness does not end here,” warned Pastor, who recalled that in April a new ‘halving’ (the halving of the reward obtained by bitcoin “miners”) is planned, which will reduce the pace of creation of this cryptocurrency.

Unlike what happens with currencies issued by central banks, the creation of bitcoins is carried out in a decentralized manner through a process known as “mining”.

Historically, after a halving, bitcoin has appreciated.

Taking into account the lower creation of bitcoins and the strength of demand, Pastor believes that the price can approach $100,000 when the ‘halving’ arrives.
“We can see real explosions of upward prices, also with volatility, because there will be people who will take profits,” he added.

“This is just the beginning,” since bitcoin is a “unique asset” that not only large investment funds, but also pension funds and sovereign funds will want to have, according to Pastor.

In his opinion, cryptocurrency will compete with gold in the coming years and with other assets that are a reserve of value, such as real estate and public debt, waiting “for what the central banks do.”

Ethereum, the second largest cryptocurrency on the market, exceeds $4,000 this Monday for the first time since the end of 2021, and is approaching its all-time high, reached in November of that year ($4,866.4).

At 4:00 p.m., Ethereum was around $4,041.