Bittime - Wednesday (7/3) was a brilliant day for Bitcoin (BTC) holders with a significant price spike reaching 10.07%. At 15:09 WIB (20:09 GMT), BTC was trading at $67,022.7, marking its best daily gain since October 23, 2023.
This rapid increase not only boosted the price of BTC, but also its market capitalization which reached $1,313.9 trillion. BTC's dominance in the crypto asset market is even stronger, reaching 52.29% of the total market capitalization. At its peak, BTC's market capitalization even reached $1,333.8 trillion.
In the last 24 hours, BTC traded in a range of $62,848.7 to $67,604.9. This positive trend has continued in the last week, with the BTC value increasing by 9.61%. BTC trading volume in the last 24 hours reached $82.4 billion, or 38.72% of the total trading volume of all crypto assets. In the past week, BTC traded in the range of $60,138.2031 to $69,063.0938.
Despite showing brilliant performance, the BTC price is currently still 2.95% below its record high of $69,063.09 reached on March 5.
Bitcoin Price Rise: Driving Factors
Financial experts and crypto analysts are still researching the exact cause behind this sudden surge in BTC prices. However, some speculative factors that are believed to contribute include:
- Increasing Interest from Institutional Investors: More and more institutional investors are starting to look at BTC as an alternative investment asset. This increases demand and drives prices up.
- Positive Sentiment in Global Financial Markets: Positive global financial market conditions have also increased sentiment towards crypto assets , including BTC.
- Clearer Regulatory Development: Several countries are starting to issue clearer regulations regarding crypto assets, providing legal certainty and attracting more investors.
Check Today's Crypto Market:
BTC Price Analysis and Outlook
Despite the significant increase, BTC volatility remains high. This means that the price of BTC can fluctuate quickly and significantly in a short period of time. Therefore, investors need to be careful and carry out in-depth analysis before deciding to invest in BTC or other crypto assets.
Experts predict that BTC prices will continue to experience volatility in the next few months. However, the long-term trend is believed to be positive, driven by various factors such as:
- Widening Adoption: The use of BTC as a means of payment and investment is expanding, increasing demand and driving up prices.
- Innovation and New Technology: Developments in blockchain technology and new applications for BTC may increase its value.
- Supply Scarcity: The number of BTC available is limited, namely 21 million, so its value is predicted to continue to increase over time.
Also Read: CryptoPunk Sells for $16 Million: The Era of NFT Markets is Back?
BTC/IDR Price Today
Source: Bittime.com
On March 7, 2024, the price of BTC (Bitcoin) / IDR was at IDR 1,043,267,320 per coin, up 3.89% in 24 hours and 5.10% in the past week.
Also Read How to Buy Crypto:
Conclusion
The significant increase in BTC prices on March 7, 2023 shows the great potential of this crypto asset as an investment asset. Despite its high volatility, BTC's long-term trend is believed to be positive. Investors need to pay attention to the latest developments and conduct in-depth analysis before investing in BTC.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements for Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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