As of 16:00 on March 11th (Vietnam time), the price of the largest cryptocurrency in the world has risen to nearly $71,400, a new record.
Ethereum, the second largest cryptocurrency, has also surpassed the $4,000 mark. Meanwhile, the other cryptocurrencies in the top 10 have shown mixed movements, with Cardano, Ripple, and Shiba Inu all decreasing in the past 24 hours.
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Top 10 cryptocurrencies
Source: CoinMarketCap
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The launch of Bitcoin spot ETFs is expected to be the driving force behind the current Bitcoin surge.
Last week, the funds attracted a huge amount of money totaling $1.73 billion, breaking records for two consecutive weeks, according to asset management platform CoinShares. The report also indicates that funds focused on Ethereum are also in high demand and have seen a net inflow of $85 million.
In addition, the upcoming Bitcoin halving event is also highly anticipated. This event is scheduled to take place in April 2024. Ryan Rasmussen, an analyst at Bitwise Asset Management, believes that thanks to the launch of Bitcoin ETFs, the demand for Bitcoin is exceeding the supply.
“We’ve only seen the tip of the iceberg,” Rasmussen said, referring to the impact of Bitcoin ETFs. “Institutional capital is flowing into Bitcoin ETFs and the demand is still increasing.”
