A few days after timidly breaking through its All-Time High (ATH), the price of Bitcoin (BTC) did it again, topping 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!

On Friday March 8, 2024, the price of Bitcoin (BTC) broke through 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 around, 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 plummeted after reaching this new record price. It’s hovering around $66,000 at the time of writing, down 5% in a matter of minutes.

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 USA. 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.

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Source : TradingView

 

David