Bitcoin (BTC) reached a new high of over $73,700, marking its fourth high in six days, driven by increased investments in US-based exchange-traded funds (ETFs) associated with the digital currency.
The total net inflow into BTC spot ETFs reached an unprecedented $1.06 billion on March 12. Blackrock’s IBIT product amassed a record $849 million inflow.
This renewed enthusiasm for crypto has boosted other digital currencies, with Ethereum seeing over 3.5% increase to around $4,080 and a 75% rise since the start of the year.
Moreover, the Ethereum blockchain ecosystem is set to become more accessible with a significant software update called Dencun. This is expected to reduce costs for Layer-2 networks connected to Ethereum.
This could result in transactions costing as low as one cent and making Ethereum’s use more economical.
