Bitcoin price hits record high against UK pound
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On Tuesday, Bitcoin made history by reaching a new all-time high against the British pound, surpassing the £54,000 threshold for the first time ever.
The digital currency still hasn't reached its top value ever against the American dollar, getting very close to the highest point of $68,990 in November 2021 by only a few hundred dollars.
Bitcoin has achieved exceptional performance compared to other major national currencies. Recently it has reached its peak value against the Japanese Yen. This occurred during a time when the UK and Japan were facing economic hardship and had fallen into recession towards the end of last year.
The current surge in bitcoin is mainly due to big companies investing in it, especially after the SEC gave its nod to the first-ever spot ETF for bitcoin in January.
Big finance companies are now investing in cryptocurrency, which is also making smaller, individual investors more optimistic about it.
According to Matteo Greco, who works as a research analyst at fintech company Fineqia International, the BTC Spot ETFs are experiencing a considerable increase in popularity. During the past week, around $1.7 billion were invested in these ETFs, making the total net inflow since the beginning of this investment method reach approximately $7.4 billion.
Likewise, there was a significant increase in trading activity on digital asset exchanges that are centralised. This resulted in a total trading volume of $73.4 billion throughout the week, which is a notable increase of 80 percent from the previous week's $40.7 billion. It is also the largest trading volume observed in one week since May of 2022.
In the past few days, several other significant digital currencies have experienced remarkable boosts. Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA) have all surged by more than 15 percent since the beginning of March.
The greatest increases in value have originated from meme cryptocurrencies, which have seen a surge in demand once again. Dogecoin (DOGE) and Shiba Inu (SHIB) have both experienced an increase of over 100% within the past week.
Due to the increase in value, the momentum of prices has caused the entire cryptocurrency market to surpass $2.5 trillion in worth. Bitcoin holds a majority stake of 53%.
Bitcoin has reached a market capitalization of $1.31 trillion, closely approaching the market value of silver which currently stands at $1.36 trillion.
