Bitcoin Touches All-Time High, Then Retreats Back
Bitcoin touched an all-time intraday high Tuesday morning.
Tweet on Bitcoin price fluctuation
Bitcoin touched an all-time intraday high Tuesday morning. then retreated back to $65k via Coinmarketcap#BTC #cryptocurrencies pic.twitter.com/WZnlbK1cI5
— The_Journalbiz (@the_journalbiz) March 5, 2024
Coinmarketcap chart
The largest cryptocurrency by market value earlier topped $69,000, then retreated. It recently stood above $65,000, down nearly 4% from its 4 p.m. ET Monday level.
Bitcoin’s previous high, reached in November 2021, was $68,990.90, according to Dow Jones Market Data.
Ether, the second-biggest crypto currency, was recently up nearly 3%.
Bitcoin nearly crossed the record level late Monday, trading $172.63 shy of it, before edging back down.
Shares of crypto exchange Coinbase Global and MicroStrategy fell in Tuesday morning trading. The total market capitalization of cryptocurrency was recently around $2.47 trillion, according to Coinmarketcap.com. Broader stock markets retreated.
Bitcoin’s recent climb has been aided by the early success of exchange-traded funds that hold the cryptocurrency. New momentum has propelled Bitcoin higher. The ETFs began trading in January, while the rally gained steam last week.
Bitcoin is a volatile asset that sometimes sees sizable swings in either direction in a given day.
