Key Points
- Bitcoin reached a new high of $71,500 on Mar. 11, with its market capitalization nearing $1.4 trillion.
- Bitcoin prices on South Korean crypto exchanges exceeded $75,000, largely due to the Kimchi premium.
On March 11, Bitcoin set a new record, hitting a high of $71,500. This was driven by increased investor liquidity in the market.
The price of Bitcoin (BTC) quickly rose to an all-time high of $71,569 on BitMEX, breaking its previous record. Consequently, Bitcoin’s market capitalization approached $1.4 trillion, according to CoinMarketCap data.
Bitcoin’s Surge in South Korea
Coinranking data shows a significant rise in Bitcoin prices on South Korean cryptocurrency exchanges, surpassing the $75,000 mark. This was largely due to the Kimchi premium, which refers to price differences resulting from capital controls and high demand in the South Korean market.
The impressive increase in Bitcoin’s price coincided with a milestone in the trading volume of spot Bitcoin exchange-traded funds (ETFs), which exceeded $100 billion, based on Yahoo Finance data. Additionally, BlackRock, the world’s largest asset manager, saw its spot Bitcoin ETF accumulate $10 billion in assets under management, reaching this milestone faster than any other ETF in U.S. history.
Future Predictions for Bitcoin
Tom Lee, founder and head of research at FundStrat Global Advisors, expressed a positive outlook for Bitcoin’s future path. He predicted a potential rise to an impressive $150,000 within the next 12 to 18 months.
