Updated March 14th, 2024 at 12:13 IST

Bitcoin tops $73,000 as fresh inflows drive market cap above $2.75 trillion

Experts believe that after surpassing the $73,000 milestone, Bitcoin will now be looking towards at $76,000 level.

Reported by: Anirudh Trivedi
Crypto | Image:Republic Business
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Crypto market overview: Bitcoin has crossed the mark of $73,000 to set a fresh all-time high of $73,641 with more than 1.5 per cent gains in the last 24 hours. The total market capitalisation of the largest cryptocurrency token has also seen a 1.52 per cent uptick crossing the $1.44 trillion level. The total market capitalisation of the crypto industry has also reached $2.75 trillion with close to 0.7 per cent gains. 

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The Crypto Fear and Greed Index has seen a strong surge of 7 points taking the index deeper into the extreme greed section. 

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Crypto Fear and Greed Index | Image credit: Alternative.me

Highlighting the possibility of an upcoming correction, CoinSwitch Markets Desk told Republic Business, “The global crypto market cap has reached $2.77 trillion, marking a 1.69 per cent increase from yesterday. With another day of BTC hitting all-time highs, the fear and greed index has now moved into the extreme greed category, meaning a correction is due and sooner or later the bears are going to have a good day at the market. However, with bulls having full control of the market currently, top altcoins namely BNB and SOL have been competing for the fourth largest crypto after BTC, ETH and USDT. 

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Yesterday the ETH Dencun upgrade went live, which will have a positive impact on layer 2 gas fee transactions. Though MATIC reached its highest price in more than a year - similar price action was not visible in OP and ARB, added CoinSwitch. 

CEO of Mudrex, Edul Patel believes that after surpassing the $73,000 milestone, Bitcoin will now be looking towards at $76,000 level. “BlackRock's Bitcoin ETF has outpaced MicroStrategy in accumulating Bitcoins, accumulating nearly 204,000 BTC within just two months of its launch, indicating a significant uptick in demand. Blackrock's Bitcoin holdings now surpass $14.76 billion in assets under management,” added Patel. 

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Sudeep Saxena, Co-founder, CoinGabbar said, “Bitcoin has soared to new heights, breaching the $73,500 threshold, despite the release of a consumer price index report for February that exceeded expectations. Thursday brings the eagerly awaited release of the producer price index, Unemployment claims and retail sales data, posing a fresh test for Bitcoin's resilience in the face of economic indicators.” 

As Microstratefy gears up to raise $500 million to buy more Bitcoins, Shivam Thakral, CEO of BuyUcoin said, “Bitcoin continues to rally after a week of record spot ETF net inflows of $1.1 billion. MicroStrategy which recently bought $821.7 million worth of bitcoin, is now raising $500 million more to buy additional Bitcoin. This price action reflects strong institutional buying and new ATHs don't take much time unlike earlier. $74,000 is the next price level to watch before it eventually hits 100,000.” 

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Published March 14th, 2024 at 12:04 IST