Bitcoin price briefly tops $70K to reach new all-time high

Bitcoin briefly topped $70,000 for the first time ever before losing 4% Friday, according to some exchanges

March 8, 2024 11:56 am

愚木混株 cdd20/Unsplash modified by Blockworks

After already breaking records earlier in the week, bitcoin hit a fresh record high Friday, briefly topping $70,000 for the first time ever according to some price measures.

Crypto exchange Coinbase showed bitcoin’s price hitting a record $70,088.04 Friday morning in New York.

Bitcoin (BTC) was trading around $67,200 at time of publication, about 4% lower than its high, per Coinbase.

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Bitcoin reached a high of $70,199 on Binance against the dollar, but only $69,845 against Tether’s USDT stablecoin, according to market data.

The price move comes after bitcoin broke records on Tuesday, surpassing $69,100 for the first time. CoinGecko, which uses a volume-weighted average formula, had bitcoin’s Friday high at $69,255.77.

Trader interest in crypto is back across the board, analysts say. Ether (ETH) briefly hit $4,000 for the first time since December 2021.

Memecoins are also back on top in terms of market returns, analysts from Ryze Labs said in a note Friday.

“The revival of retail interest is further evidenced by the resurgence of meme coin mania, exemplified by the meme coin WIF or ‘dogwifhat,’ which has seen an astonishing year-to-date increase of 1,250%,” Ryze Labs analysts said.

“The market dynamics have shifted to a bullish tone, where most tickers experience substantial gains on positive news without reverting to previous levels.”

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