Bitcoin rockets above $71,000, surpasses silver in market cap

Over $2.2 billion was poured into spot Bitcoin ETFs last week.

Bitcoin rockets above $71,000, surpasses silver in market cap

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Bitcoin (BTC) crossed the $71,000 threshold today, setting a new all-time high ahead of the anticipated halving event, according to CoinGecko’s data. At press time, BTC is trading at around $71,400, up almost 3% in the last 24 hours. Bitcoin’s market cap now exceeds $1.4 trillion, overtaking silver as the eighth largest asset by market cap, according to CompaniesMarketCap’s data.

Bitcoin surpasses silver in market cap

The surge in Bitcoin’s value comes on the heels of a successful week for spot Bitcoin exchange-traded funds (ETFs). According to data from BitMEX Research, these funds have seen over $2.2 billion in inflows last week. As of March 8, BlackRock’s Bitcoin ETF had over $13.5 billion in assets under management, as reported by iShares Bitcoin Trust.

As Bitcoin gains momentum, other major coins, including Ethereum (ETH) and Binance Coin (BNB), have also seen significant gains, with ETH breaching the $4,000 mark and BNB climbing to $530, increases of 1.6% and 5.6% respectively, CoinGecko’s data shows.

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