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

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

By Staff Writer, 26 March 2024

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

Related Report

Opportunities in Web3

Dive into the world of Web3, where groundbreaking technologies create boundless opportunities.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems