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It ’s been a busy year so far for bitcoin , the largest cryptocurrency by market capitalisation , and it ’s only March . The digital currentness dispatch a new all - clock time high for the first fourth dimension since November 2021 when it pass $ 69,000 on Tuesday morning , as demand surge in late week follow the position bitcoin ETF approvals in the U.S. and the pending bitcoin halve in former April .
Bitcoin has increase over 60 % on the calendar month and about 205 % on the year , harmonize to CoinMarketCapdata . The total crypto market place cap across all token has increased 18 % to $ 2.55 trillion , with bitcoin making up 52 % of that amount .
The new highschool happened ahead of bitcoin ’s halving outcome , which is bear to happen in mid - April and occurs about every four year .
Bitcoin halving , which is normally referred to as “ the halvening , ” is a periodic decline in bitcoin mining rate , which have in mind the number of bitcoin miners can potentially get for each pulley-block mine is cut in half . This process is imply to control the supplying of bitcoin over time and once the number of bitcoin in circulation hits 21 million , its total supply , the process will terminate . The last halving is not expected to occur for more than 100 years , though .
In the past tense , bitcoin halvings have bring increase interestingness for the asset given that the demand typically outweigh the supply , with its price typically go up in the month following the event .
The price leap increase is also being driven by the11 spot bitcoin ETFs the U.S. Securities and Exchange Commissionapproved in January . Those ETF have brought in new institutional investors and retail investors who work through fiscal advisors . As a issue , aggregated amounts of institutional ironical powder that was await on the out of bounds took military action .
of late , the phone number of bitcoins being purchased by ETFs has also outweighed the number of new bitcoins being produced by miner , agree to HODL 15 Capital data , share on Xby Bitwise Asset Management CIO Matt Hougan .
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The issuers of those ETFs have seen demand spike beyondinitial predictionsof a few billion . The full market place capital across the spot bitcoin ETF products is $ 53.74 billion , agree to Blockworksdata . Trading volume across 24 minute was $ 1.81 billion .
