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The Bitcoin rate exceeded $71 thousand for the first time in history, and Ethereum reached $4000 for the first time since 2021.

The first and second cryptocurrencies by capitalization increased in price by more than 50% in a month. The Bitcoin (BTC) rate on March 11 at 10:10 a.m. rose above $71,000 on the Binance exchange paired with the USDT stablecoin, reaching a new historical maximum price. At its peak, the price of the first cryptocurrency rose to $71,150 on Binance. In the last 30 days alone, Bitcoin has risen in price by more than 50%, and its capitalization has exceeded $1.38 trillion. A significant growth factor is the so-called halving, which is expected in April. This is a planned event, after which the emission of new bitcoins is halved. Demand for Bitcoin and the sharp rise in its price are also fueled by a strong influx of funds into US spot Bitcoin exchange-traded funds (ETFs), which began trading on January 11. The fund from BlackRock already manages almost 200 thousand bitcoins, according to the fund’s official website. This is more than 14 billion in dollar equivalent.

The second largest cryptocurrency by capitalization, Ethereum (ETH), for the first time since April 2022 rose in price on the Binance exchange to $4,000, approaching its historical maximum reached on November 10, 2021 ($4,868). Over the last week alone, Ethereum has risen in price by more than 14%, and its capitalization amounted to $480 billion against the backdrop of Bitcoin reaching its absolute maximum of $71 thousand. The limited supply of “ether” on the market, as well as a number of key events in the Ethereum ecosystem may lead to further growth of the second cryptocurrencies. Since the beginning of January, centralized exchanges have recorded a net outflow of ether exceeding 800,000 ETH, or $2.4 billion. According to our analysts, the increase in Ethereum prices is due to the possible emergence of exchange-traded funds (ETFs) on Ethereum and the expected update of Dencun. Following the debut of a group of Bitcoin spot ETFs in the US, several asset managers, including BlackRock, Fidelity and Ark Invest, have filed applications with the US Securities and Exchange Commission (SEC) to create Ethereum spot ETFs. According to S&P Global and ETF market analysts at Bloomberg, the regulator may approve such funds as early as May of this year.

The cryptocurrency market as a whole also continues to grow actively. Most of the top 10 assets by capitalization rose in price by 10–30% over the week. Some groups of crypto assets, in particular those involved in projects using artificial intelligence, showed significant growth in February. Meanwhile, last week (from March 4 to March 11, 2024), completely different coins, including large memcoins, showed confident positive dynamics.

The Gala platform token showed an increase of more than 80%. This is an analogue of the Steam gaming service – a platform for purchasing and downloading games. The coin is used in the project ecosystem to purchase items in games and make in-game payments. Since March 4, GALA has risen in price from $0.044 to $0.0814. The meme coin, created in honor of the popular Internet character Pepe the Frog, increased in price by 56% in a week: from $0.000005627 to $0.0000085. Explosive price jumps are typical for memcoins. Let’s remember that just a day after Pepe’s release, its price increased by more than 900%. In less than three weeks after its debut, memcoin’s capitalization exceeded $1.6 billion. The Floki project token grew by 54% in a week: from 0.0001479 to 0.0002216. Floki is one of many so-called “dog” coins. Its name is a reference to the name of Elon Musk’s Shiba Inu puppy. The dog of the same breed is the mascot of the popular cryptocurrency Dogecoin (DOGE). Another token associated with a Shiba Inu dog grew by 52% in a week to $0.000033. This coin has already seen a 26x increase in just a few days in 2021. The meme coin has historically been prone to sharp price fluctuations.

The first token in the selection that is at least indirectly related to artificial intelligence technology. The platform for which the token was created is designed to connect devices and algorithms of the so-called Internet of Things (IoT). It was launched back in 2017 by a team of developers from the University of Cambridge. Over the past week, the project coin has grown from $1.8323 to $2.80, that is, by more than 50%.

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