Bitcoin Price Hits Record High of $72,700 and Promise Warns of Greed

Today (March 12, 2024, at 2:00 a.m.), the price of Bitcoin has soared and set a new record of around $72,000, breaking the record once again after the previous record of $70,000 on March 8. This is due to several reasons, including support from the approval of Bitcoin ETFs and the imminent halving expected in April.

It is reported by Techcrunch that Bitcoin is up 9.5% over the past seven days and is up 50% this month, according to the data. CoinMarketCap Total crypto market capitalization across all tokens increased 10% on the week to $2.71 trillion, with Bitcoin accounting for 52.7% of the amount.

The CoinMarketCap Crypto Fear & Greed Index was in "extreme greed" territory at 89.12 points, up from "neutral" at 59.3 points in early February. The index measures the price and trading data of the largest cryptocurrencies. With user behavior data measure the confidence of the cryptocurrency market from 0-100 when the index approaches zero. This indicates that investors have oversold their positions. “Unreasonably,” compared with when the value approaches 100, the market tends to experience a correction.

As a result, Bitcoin remains a key focus for retail and institutional investors, with $2.6 billion worth of inflows this week. Also known as money, money was put into assets and $9.9 billion year-over-year, according to CoinShares' Digital Asset Fund Flows Weekly report. Ether, the second-largest cryptocurrency, Not directly benefiting from Bitcoin enthusiasm, last week's inflows fell by $2.1 million, despite a year-over-year increase of $135 million.

The most recent Bitcoin Halving occurred on May 11, 2020, and caused the price to increase approximately 600% from approximately $9,000 to $63,000 by April 2021. The price then dropped approximately 50% within three months. Signaling the volatility of the asset again. which in the previous round The bitcoin halving has increased the demand and price of the cryptocurrency. However, we must continue to keep an eye on it.