Christian Ohde/McPhoto/ullstein bild via Getty Images
Bitcoin passed the $70,000 mark for the first time on March 8, as investors enjoyed a cryptocurrency rally that has lifted many other coins. The coin currently sits just below that mark as of today.
The ascent to $70,000 is part of a rally that began in mid-October 2023. However, the rally entered second-gear on January 11, when the U.S. Securities & Exchange Commission approved bitcoin ETFs for trading.
The exchange-traded funds (ETFs) provide institutional and retail investors with a convenient and regulated avenue, expanding its investor base and driving up demand.
As of March 8, bitcoin ETF have acquired more than 790,000 BTC worth more than $55 billion at the current prices.
While enjoying the ride, veteran investors are being cautious, no doubt remembering the last time the prices were in this range. The so-called crypto winter saw bitcoin prices go below $15,000 then.
Bitcoin prices now mean that BTC now has a market capitalization of over $1.4 trillion.
