Bitcoin soars above $72,000
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What’s up
BTC Smashes $70K On Way To New All-Time High
Hello, uncharted territory. At about 3:30 a.m. (EST) today, Bitcoin for the first time ever surged past the $71K mark, once again reigniting, this time in extra-exhilarating fashion.
The largest crypto spent the weekend doing something that could be described as smoldering, moving from around $68K to roughly $69K. This slow burn followed a massive milestone reached on Friday afternoon – as BTC hit $70K for the first time, Coinbase said.
But the $70K handle proved elusive. "BTC immediately dumped," as Decrypt pointed out.
A similar pattern played out last Tuesday, when Coinbase declared that BTC had reached a new record high of $69,324. BTC promptly tumbled 10%.
When we checked the CoinGecko charts today at 7:47 a.m. (EST), BTC had just cracked $72K.
The second-largest crypto, Ethereum, meanwhile, continues to stay above the $4K mark that only three days ago it reached for the first time since December of 2021.
What's down
On Historic Morning, Slackers Stick Out
Let the record show that even as Bitcoin convincingly smashed through the $70K barrier with room to spare, a handful of large-cap coins could not be bothered to cease languishing. Specifically, we're talking about Cardano and XRP, each noticeably, incongruously, in the red over the past seven days.
Additionally, Tron (TRX) is down 1.5% in the past 24 hours. Selling pressure could be ramping up with a majority of holders finally in a state of profitability (AMBCrypto).
The TRX community may also be on guard in the wake of Tron's founder Justin Sun recently revealing that in 2020 he gifted legendary investor Warren Buffett a smartphone with an embedded crypto wallet containing some 2 million TRX coins. And it turns out at some point after the lunch, U.Today reports, Buffett gave the crypto-filled phone away to GLIDE, an anti-poverty foundation.
What's next
A Clockwork Green: ETFs On Pace To Structurally Sponge Up Bitcoin Supply
Bitcoin's ATH now stands at $72,211.51, according to CoinGecko. The mark appears to have been reached at 7:52 a.m. (EST).
Earlier, CoinMarketCap clocked BTC at $71,415 after rising 3% in the past 24 hours. Over the past week, BTC has gained 10%.
This journey to new heights has not been without hair-raising volatility. As mentioned, on Tuesday, BTC breached $69,000, breaking its record high from November of 2021. But then it took a nosedive, eventually falling to as low as $61,000 before rebounding to $66,000 by the end of the day.
With a market capitalization of $1.4 trillion, BTC has now surpassed Silver as the 8th-largest asset, period. Silver has a market cap of $1.382 trillion (Decrypt).
BTC's bullish momentum can be attributed to increased institutional interest generated by the recently launched spot ETFs in the U.S., Cointelegraph said. Since launching in early January, the nine new ETFs have amassed 4.06% of the current BTC supply, surpassing $56.9 billion in total on-chain holdings, according to Cointelegraph, citing Dune data.
At this rate, ETFs are projected to annually absorb 8.65% of the BTC supply.
