Bitcoin Surges Past $70,000 Mark as Cryptocurrency Market Heats Up

Bitcoin surged at the onset of the final week of March, breaching the $70,000 mark once again.

Coin Metrics reported a notable 7.8% increase, with the flagship cryptocurrency reaching $70,995.48, peaking briefly at $71,239.31 during late afternoon trading as the stock market concluded its session.

Ether followed suit, witnessing a 7.4% surge, reaching $3,634.80.

This upward momentum extended to various other cryptocurrencies, spurred by Bitcoin's rally.

MicroStrategy, often viewed as a bellwether for Bitcoin's price, saw a remarkable 21% surge, while Coinbase experienced a 9% increase.

The mining sector also benefited from Bitcoin's resurgence, with Riot Platforms witnessing a 9% rise, CleanSpark soaring by 19%, and Cipher Mining gaining 13%.

Bitcoin had experienced a corrective phase over the past week following its all-time high of $73,797.68 on March 14th.

The cryptocurrency dipped to approximately $60,800 last Wednesday.

Alex Thorn, head of firmwide research at Galaxy Digital, remarked that such fluctuations are typical within the context of historical bull market corrections.

Source: Tanaya Macheel / CNBC