Bitcoin prices hit a new record high of above $71,000 on Monday. The biggest cryptocurrency hit a fresh high of $71,263.78, as per data on CoinDesk.
Jerrymusa.com reports that the price of Bitcoin as of 1:11 p.m. had changed by 2.55% over the past 24 hours to $71,173.99.
Bitcoin Records Steady Increase in Price
The market capitalization of Bitcoin increased to $1.40 trillion as a result of the price increase. The price of Bitcoin has increased by more than 67% so far in 2024.
Both the expectation that the US Federal Reserve would soon lower interest rates and the influx of capital into recently launched spot bitcoin exchange-traded funds (ETF) have helped to drive up the price of cryptocurrencies.
A number of factors, such as institutional adoption, macroeconomic trends, regulatory changes, and investor mood, have affected the fluctuations in the price of bitcoin. Furthermore, Fed Chair Jerome Powell’s most recent statement cautiously reiterated the interest rate decrease later this year.