BITCOIN HOVERS NEAR ALL-TIME HIGH

Fri 08 March 2024:

On Friday, Bitcoin was lingering near its all-time high but unable to break over its resistance level.

Bitcoin was trading about $67,930 at 10.45 a.m. EDT, up 1% on the day, after rising 10.5% last week, according to CoinMarketCap, a website that tracks digital asset prices.

The world’s largest cryptocurrency saw its price rise to $68,990 on Tuesday, the highest level in its 15-year history.

Although Bitcoin has been slightly fluctuating around that level, its price has been struggling to surpass $69,000, and could retreat to the support level of $64,000, according to analysts.

Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs, or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.

Ethereum, the world’s biggest altcoin by market cap, was up 2.2% to $3,939 at 10.53 a.m., gaining 16.2% in the past week.

The price surge in Ethereum results from the potential approval of a spot Ethereum ETF and its upcoming Dencun upgrade on March 13.

The value of the cryptocurrency market was up 1.1% to $2.57 trillion, while Bitcoin’s share of the crypto market, known as dominance, was at 52% and Ethereum’s dominance at 18.4%, according to CoinMarketCap.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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