It's been an amazing week in the broader crypto industry following the emergence of several positive developments. Thus, I'll be exploring some of the latest happenings in the blockchain and crypto space to help you stay up to date.
Bitcoin Leads 2024 Crypto Bull Market, Surpasses Silver Market Cap
It's no longer news that the bear market, which lingered for over two years since 2022 is now over as the bulls stepped up their game. Coupled with many other positive factors, including the recent approval of 11 Spot Bitcoin ETFs by the United States Securities and Exchange Commission (U.S. SEC) and the fast-approaching fourth bitcoin halving event, most crypto assets are expected to rally massively in the coming months.
Interestingly, the largest cryptocurrency by market capitalization Bitcoin (BTC) and some top memecoins appear to be leading the latest crypto bull market. Notably, BTC reached a new all-time high at $73,777 on March 14 with huge volumes, showing signs of reaching higher levels in the coming days. The development marks the first time BTC has reached an ATH before halving, making this bull market a unique one.
Changing hands at $73,406 at the time of writing, the leading crypto asset is up over 10% and 46% in the past seven days and 30 days, respectively. The crypto asset market has equally risen tremendously in market cap, reaching a new high above $1.446 trillion on March 14. Accordingly, BTC has flipped silver to become the eighth-largest global asset.
Robert Kiyosaki Says $300,000 per BTC is possible in 2024
With the fourth bitcoin halving expected to occur in April 2024, BTC is most likely going to top $300,000 this year according to the popular financial education advocate Robert Kiyosaki
While this is very possible, investors should not expect it to be a one-way ride. Historically, BTC price often retraces post-halving by about 20% or less, portraying the "buy the rumour, sell the news" event. This is to say that proper risk management should be put in place to avoid being a victim of liquidation.
MicroStrategy Acquires Additional 12,000 BTC
Branded as a Bitcoin Development Company, the Michael Saylor-founded company announced the purchase of an additional 12,000 BTC on Monday. As reported by Nitadel, the company held 205,000 BTC as of March 11, 2024, further cementing its position as the largest institutional and public holder of Bitcoin. Reacting to the development, Saylor remarked that "whoever holds the most bitcoin wins."