- Bitcoin has soared to a new all-time high price.
- The rally comes as inflows continue to dominate spot Bitcoin ETFs.
- The rally also coincides with the upcoming halving event.
Bitcoin (BTC) soared past $70,000 on Monday, attaining a new all-time high price as investors continued to pump money into spot Bitcoin exchange-traded funds (ETFs).
The largest crypto asset by market capitalization has now tested the upside of $70,000 for the second time in three days, first breaching this milestone on March 8 when iShares Bitcoin ETF eclipsed $10 billion in net inflows.
Bitcoin Hits a New All-Time High Price
According to CoinMarketCap data, after pulling back to the mid $68,000 range in the last few days, Bitcoin witnessed an intraday surge of 2.57% on March 11, rebounding to $71,000 in a wild rally to all-time highs.
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At last check, BTC exchanged hands at $71,581 after gaining 9.94% in the last seven days and a massive 52.21% in the last month. BTC’s market cap gained 2.33% following the rally and now stands at $1,406,666,929,086.
Bitcoin’s latest rally has been spurred by the changing supply-demand dynamics of the crypto asset, driven by two main factors: the arrival of spot Bitcoin ETFs in the U.S. and the upcoming halving event.
Since their launch in January, Bitcoin ETFs have acquired an additional 177,000 BTC on top of the 621,000 BTC held in Grayscale’s converted GBTC fund. Cumulatively, all the funds have gobbled up 4% of the entire 21 million Bitcoin supply.
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At the same time, the highly-anticipated Bitcoin halving event in April is set to alter block rewards from 12.5 BTC per block to 6.25, effectively reducing the amount of Bitcoin entering circulation daily by around 900 BTC.
Read about BlackRock’s Bitcoin ETF new inflow high:
BlackRock Bitcoin ETF Marks New Inflow High as BTC Claims ATH
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