Bitcoin’s price is in sight of an all-time high and the crypto faithful are on tenterhooks waiting for a never-before-seen level. But in market value terms the token already touched a record.
The market capitalization of bitcoin reached $1.35 trillion, scaling the peak of $1.28 trillion from November 2021, CoinGecko data show. That was the month the token jumped to $68,991.85 at the apogee of its pandemic-era bull run.
Bitcoin’s supply has grown since then, taking its capitalization to new ground amid the oldest cryptocurrency’s latest rally. The digital asset dipped 1.5% to $66,555 as of 8:16 a.m. Tuesday in London, having earlier hit $68,804.
Historically, a record market value “has been the more reliable price signal that a new phase of the current market is starting,” said David Lawant, head of research at crypto prime broker FalconX.
Demand from new US spot bitcoin exchange-traded funds, as well as a looming reduction in the token’s supply growth, have fueled recent gains. The ETFs from the likes of BlackRock Inc. and Fidelity Investments have attracted almost $8 billion of net inflows since debuting on Jan. 11.
Speculative fervor has also returned more broadly in crypto, from leveraged bets in derivatives markets to double-digit intraday advances in meme coins. For instance, open interest at Chicago-based CME Group’s bitcoin futures market climbed to a record on March 4.
The extended investor positioning suggests the digital-asset market is potentially vulnerable to a reversal if ETF demand starts to moderate. But for now the activity in spot, ETF and derivatives markets is mostly bullish.
“It’s been the flow show driving price action,” Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
New name draws on founder's family history as consolidation reshapes the broker-dealer landscape.
Deal brings tech-focused planning expertise, expanded Pacific Northwest presence to national RIA platform.
Five low-cost index ETFs to anchor Trump Accounts as advisors weigh options against 529 and UTMA plans for clients
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
