Inventory Dimension – Price Bitcoin (BTC) reached a new high of 2,298,600 baht on March 4, 2024, a new historical high. From the previous high of 2,285,500 baht in November 2021, which was the result of continued interest in spot Bitcoin ETFs in the US, this round of new high price for Bitcoin is the first in history, as Bitcoin has not reached a new high before the event. Bitcoin halving One factor that analysts believe fueled Bitcoin's price movement is the approval of the Spot Bitcoin ETF in the US in January this year.
A report from Cointelegraph states that US Spot Bitcoin ETF trading volumes have broken new records. Trading volume reached $7.69 billion on February 29, 2024, from a previous record high of $4.66 billion on January 11, 2024, led by BlackRock's iShares Bitcoin ETF, trading at $3.35 billion, followed by Grayscale Bitcoin Trust at $1.86 billion. And Fidelity Wise. The original $1.44 billion Bitcoin fund.
While information from the Companiesmarketcap website shows on February 29, 2024, the market value of Bitcoin has risen to the level of $1.209 trillion, and if Bitcoin were a company, it would rank among the 10 most valuable companies worldwide in terms of market capitalization, which is higher than Berkshire Hathaway, Or TSMC, or Tesla. .
The Crypto Fear & Greed Index also reached a high of 82 points, the same level it reached when the Bitcoin price reached its previous high of 2,285,500 baht in November 2021, reflecting the market's positive view of the Bitcoin price in the short term.
As for the prices of other digital currencies, they have risen in line with the price of Bitcoin today, such as the price Ethereum (ETH), the cryptocurrency with the second-highest market cap, rose 5.24% to a 24-hour high of 123,931 baht, while Cardano (ADA) rose 3.70% to a 24-hour high of 23.30 baht and so on.
“Bitcoin Halving is an event that will halve the Bitcoin mining reward from 6.25 BTC to 3.125 BTC, reducing the supply of Bitcoin. The fourth Bitcoin halving is expected to occur during this period. At the end of next April 2024, it will be interesting See how the arrival of Bitcoin Halving will impact Bitcoin and the cryptocurrency industry.
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