Bitcoin Hits Record High Of $73,000 Despite US Inflation Concerns

Bitcoin value reached to a new all-time high on Wednesday, smashing through the USD 73,000 mark as investors shrugged off slightly higher-than-expected US inflation figures. 

Despite data showing a solid 0.36 per cent increase in US consumer prices for February, surpassing expectations for a 0.3 per cent rise, investors remained optimistic about Bitcoin's future prospects. The inflationary pressure, driven by higher fuel and shelter costs, did not deter confidence in the cryptocurrency market.

Bitcoin's rally also lifted several other cryptocurrencies in Wednesday's trading session. Avalanche and Toncoin notably rose by 13.5 per cent and 21.2 per cent, respectively, while Ethereum, BNB, Cardano, Dogecoin, Shiba Inu, Polkadot, and Chainlink also saw significant gains.

The total crypto market volume over the last 24 hours stood at USD 158.71 billion, despite a slight 2.97 per cent decrease. DeFi's total volume reached USD 15.44 billion, accounting for 9.73 per cent of the total crypto market 24-hour volume. Stablecoins dominated the market with a volume of USD 146 billion, representing 91.9 per cent of the total crypto market 24-hour volume, according to CoinMarketCap data.

Bitcoin's market cap surged to USD 1.434 trillion, reaffirming its position as the world's largest cryptocurrency. Bitcoin's dominance in the market currently stands at 52.06 per cent, according to CoinMarketCap. Moreover, BTC volume in the last 24 hours rose by 4.4 per cent to USD 62 billion, indicating sustained interest and trading activity in the cryptocurrency.