Bitcoin, the world’s leading cryptocurrency, soared to a new all-time high on Monday, March 11, 2024, surpassing the $71,000 mark.

The surge in Bitcoin’s value comes amidst growing demand for the digital currency and optimism surrounding potential interest rate cuts by the US Federal Reserve.

According to data from Bloomberg, Bitcoin reached a peak of $71,432 during afternoon trading in Asia. This milestone signifies an impressive year-to-date gain of nearly 70 percent for Bitcoin, highlighting the continued bullish sentiment surrounding the cryptocurrency market.

The rise in Bitcoin’s price shows that more people are using digital assets like cryptocurrencies as investments, according to analysts who said that users see them as a way to protect their money from inflation and economic changes.