(MENAFN) According to data from Coinmarketcap, the exchange rate between Bitcoin and the US dollar surged past the USD71,000 mark on Tuesday, marking a notable milestone in the cryptocurrency's price trajectory.

As of the latest available data, the exchange rate remains close to this significant threshold, indicating sustained bullish sentiment among investors and traders. This surge in price follows a period of volatility in April, during which the exchange rate briefly surpassed USD73,000 before experiencing a correction that saw it drop below the USD60,000 level.

The cryptocurrency market, known for its inherent volatility, often experiences fluctuations in prices driven by a combination of factors including investor sentiment, market speculation, regulatory developments, and macroeconomic trends.

With the exchange rate hovering near USD71,000, the market capitalization of Bitcoin currently stands at an impressive USD1.4 trillion. This valuation reflects the collective value of all existing bitcoins in circulation, underscoring the significant market presence and investor interest in the leading cryptocurrency.

Moreover, data from Coinmarketcap reveals that Bitcoin's trading volume over the past 24 hours amounted to USD53.3 billion, highlighting the robust liquidity and trading activity surrounding the digital asset.

These figures underscore the growing adoption and acceptance of Bitcoin within the global financial landscape, as investors seek exposure to alternative asset classes and digital currencies amidst ongoing economic uncertainties and evolving market dynamics.

As Bitcoin continues to capture mainstream attention and attract investment inflows, its price movements and market performance remain closely monitored by traders, investors, and financial analysts alike.

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