Bitcoin Reaches New ATH, Has Potential to Hit $75K

By: Eva Baxter

Bitcoin, the leading cryptocurrency, has marked a significant milestone by achieving a new all-time high of $72,750 and solidifying its status as a digital counterpart to gold. This value surge came in the wake of the UK Financial Conduct Authority's announcement of permitting the trading of cryptocurrency-backed securities, pushing the coin to near the $73,000 mark. In addition, Bitcoin's market capitalization has overtaken that of silver, standing at a noteworthy $1.4 trillion.

Increased leverage in the cryptocurrency market has also led to significant price fluctuations, alongside surge in US spot Bitcoin ETF inflows that act as a key driver. Record-breaking weekly inflows of $2.7 billion and a year-to-date total of $10 billion, approaching the 2021 annual record of nearly $11 billion, are contributing to this dynamic. A notable upcoming event, the halving of Bitcoin, is also believed to be propelling this bullish upswing. This scarcity-driven paradigm further reduces the supply of new coins, strengthening Bitcoin's appeal as a store of value in the digital era.

As Bitcoin continues to rise in the financial world, there are speculations that the cryptocurrency has the potential to hit or even surpass the $75,000 mark.