Top Reasons Why Bitcoin Just Soared To New All-Time High Above $70,000
Bitcoin is on fire. Just two days after breaching the November 2021 record high, the alpha crypto rocketed even higher Friday, registering a new all-time high price above $70,000 the highest price level in its 15-year history.
BTC Price Sets New Record Above $70K
Bitcoin again surged to a new record high today, with a swift 3% correction following shortly after.
The price of BTC climbed to as high as $70,098 on Friday, according to data from Coinbase, surpassing the previous record price of $69,320 on Tuesday. Just like on Tuesday, the number one crypto immediately dumped minutes after hitting the new peak. Bitcoin is hovering at $68,256 at press time. Notably, todays pullback isnt as deep as the action on Tuesday. Then, Bitcoin ended up nosediving over 12% before bottoming at around the $59K region.
Ethereum (ETH) followed BTCs upswing and broke past the $4,000 mark today for the first time since December 2021, boosted by growing investor interest in a potential spot ETH exchange-traded fund (ETF) and the networks upcoming Dencun update on March 13.
While Ethereum returning to $4,000 is a huge feat, the leading proof-of-stake token is still 19.4% lower than its lifetime high of $4,878 set on November 10, 2021.
3 Reasons Bitcoin Just Roared To $70,000
Bitcoin has had a blockbuster month, jumping by over 58.4% in the past 30 days alone and doubling in value since October 2023.
So, whats propelling Bitcoins latest surge? The success of the spot Bitcoin exchange-traded funds, which opened for business in mid-January, is a key part of it, especially as the newish investment vehicles have witnessed billions of dollars worth of unparalleled daily trading volume lately.
Moreover, the uptick in Bitcoins value comes amid expectations of a Federal Reserve rate cut after the latest U.S. jobless data showed unemployment exceeding predictions in February, suggesting that inflationary pressures were waning due to the restrictive monetary policy.
Another factor driving BTCs price performance is the fourth Bitcoin halving event next month, in which the amount of BTC given to Bitcoin miners as rewards will be reduced by 50%. With the supply capped at 21 million BTC, this mechanism enforces the scarcity and deflationary properties of the preeminent crypto. Halvings happen about every four years and, historically, have been tied to superior returns for Bitcoin and the broader crypto space.
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Text source: ZyCrypto
