Bitcoin BTC/USD soared to a new peak of $73,709 on Wednesday morning, marking its fourth high in just six days, fueled by a surge in investments into U.S.-based exchange-traded funds (ETFs) associated with the digital currency.
The surge coincides with the total net inflow into Bitcoin spot Exchange-Traded Funds (ETFs) reaching an unprecedented $1.05 billion on March 12.
Among the beneficiaries of this remarkable influx of capital, Blackrock's IBIT IBIT product stood out, capturing a record $849 million inflow.
This renewed enthusiasm for cryptocurrencies has also buoyed other digital currencies.
Ether ETH/USD saw a 3.3% increase to $4,083 on Wednesday and has risen roughly 75% since the start of the year.
In related developments, the Ethereum blockchain ecosystem, known for its commercial success, is set to become more accessible thanks to a significant software update dubbed Dencun.
This upgrade is anticipated to substantially reduce costs for Layer-2 networks, such as Arbitrum, Polygon, and Coinbase's Base, which are connected to Ethereum.
Post-update, a transaction that might have cost $1 could now be as low as one cent, and other transactions that were previously cents will now cost a fraction of a cent, making Ethereum's use more economical.
Price Action: At the time of writing, Bitcoin was trading at $72,574, up 1.02% over the past 24 hours, as reported by Benzinga Pro.
Read Next: Unlocking the Vault: Grayscale's 'Spin-Off' Bitcoin ETF Breakdown
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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