A few days after timidly breaking through its All-Time High (ATH), i.e. its all-time high point, the price of Bitcoin (BTC) has done it again, surpassing the $70,000 mark. A few minutes later, the price plummeted by almost 5%. We take stock of the situation.
New ATH, Bitcoin (BTC) reaches $70,000!
This Friday, March 8, 2024, the price of Bitcoin (BTC) broke the symbolic $70,000 barrier for the first time in its history. This price level now constitutes a new all-time high point, more commonly known as All-Time High (ATH).
The first time, on March 5, Bitcoin timidly surpassed the previous all-time price record of $69,044, set in November 2021, before falling back sharply. This time, the record has been surpassed outright, reaching a new high of $70,099.
Like last time, however, Bitcoin immediately fell after reaching this new record price. At the time of writing, it’s hovering around $66,000, down 5% in just a few minutes.
Bitcoin (BTC) price evolution in 1H time scale
This new record price comes just a few days after an eventful day, during which the queen of cryptocurrencies broke its previous record and then literally collapsed by almost 15%, even falling below $60,000. It didn’t take long for this correction to be erased and Bitcoin to regain ground.
In the process, the price of Ether (ETH) passed the symbolic $4,000 mark, a level not reached since December 2021. The second most capitalized cryptocurrency on the market is now just 20% off its all-time high, estimated at $4,850.
This rise can be explained by an accumulation of different reasons. The first is certainly the enthusiasm generated by the approval of Bitcoin spot ETFs in the United States. These exchange-traded products are recording record trading volumes, symbolizing institutional interest in Bitcoin.
Similarly, the approach of halving is also likely to have played a role in this recent market performance. Expected next month, this event will halve the rewards for Bitcoin miners, making it progressively rarer.
