Bitcoin sets another all-time high Monday flirting with $72,000

The asset’s continued price rally comes as demand for bitcoin ETFs remains strong and as the BTC halving approaches

March 11, 2024 07:30 am

cybermagician/Shutterstock modified by Blockworks

Bitcoin climbed to nearly $71,800 early Monday, marking another record level for the crypto asset.

BTC peaked at $72,211 on Monday, according to CoinGecko data — days after setting multiple all-time highs last week. It had dipped slightly to about $71,600 at 7 a.m. ET.

The asset broke $69,000 on March 5 for the first time since November 2021. It then dropped roughly 10% in the hours after hitting the high mark.

Bitcoin then eclipsed the $70,000 mark on Friday — a milestone never reached previously — before again falling about 4% shortly after.

Crypto exchange Coinbase showed bitcoin’s price hitting a record $70,088.04 Friday morning in New York. CoinGecko, which uses a volume-weighted average formula, had bitcoin’s Friday high at $69,255.77.

BTC’s price stood between $69,000 and $70,000 for much of the weekend before ascending to the new record level Monday morning, CoinGecko data shows.

The multiple all-time highs reached over the past six days come as demand for US spot bitcoin ETFs has remained strong. The products approved by the Securities and Exchange Commission in January held more than 800,000 BTC, as of Friday, according to BitMEX Research data.

Read more: After BTC hits all-time high, bitcoin ETF volumes also peak

The next bitcoin halving — when per-block rewards to bitcoin miners will drop from 6.25 BTC to 3.125 BTC — is slated to occur next month. Such an event, which happens roughly every four years, has historically catalyzed bitcoin price increases.

Ether’s price hit $4,034 on Monday morning, according to CoinGecko.
The second-largest crypto asset crossed the $4,000 threshold on Friday for the first time since December 2021. ETH’s all-time high stands at nearly $4,900 — reached in November of that year.

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