Bitcoin's Triumph Surging Past $70,000 with Unstoppable Momentum

Bitcoin experienced a significant spike as the final week of March commenced, successfully reclaiming the $70,000‍ level. The flagship cryptocurrency’s price increased by 7.8%, ⁤reaching $70,995.48, according to Coin Metrics. It even briefly rose ⁣to $71,239.31 in late afternoon trading as the stock market closed. Ether also experienced a jump, ⁤increasing by 7.4% to $3,634.80. Most other cryptocurrencies followed suit, riding the bitcoin wave.

Impact on MicroStrategy and Coinbase

MicroStrategy,‍ which trades as a proxy for ‍the price of⁣ bitcoin, surged 21%, while Coinbase advanced 9%. The ⁢mining ⁣sector also benefited from bitcoin’s rise, with‍ Riot Platforms up 9%,⁤ CleanSpark rising 19%​ and Cipher Mining gaining 13%.

Bitcoin’s Recent Performance

Bitcoin had⁣ been in correction mode‌ for ‍the past week, after it hit ⁣an all-time ⁢high of $73,797.68 on​ March 14. ⁢Last Wednesday,⁣ it slid to as low as about $60,800.⁤ Alex Thorn, head of firmwide research at Galaxy Digital, said ‌such declines ⁢are “well within the norm of‌ historical bull market short-term corrections.”

The​ reason for‌ Monday’s ⁢big run⁤ was ⁤unclear, but the cryptocurrency’s price action in March has been​ characterized by new highs followed⁢ by healthy pullbacks. Thorn​ suggested investors were taking ​a pause from selling shares of​ bitcoin⁣ exchange-traded⁤ funds.

Bitcoin’s Future Outlook

Despite its pullbacks, bitcoin⁢ is on pace to finish March on a winning note. It ‍has gained 14% ​for the month and 66% so far for the ​first ⁢quarter.