The cryptocurrency market witnessed a bullish surge on Tuesday, March 5, 2024, as Bitcoin (BTC) crossed the $68,000 mark for the first time in its history. The leading digital currency was trading at $67,792 at the time of writing, up by 7.54% in the last 24 hours.
Bitcoin's rally was fueled by the success of exchange-traded funds (ETFs) that hold the cryptocurrency, which have attracted significant attention and investment from both institutional and retail investors. The introduction of ETFs has injected new momentum into Bitcoin's rally, boosting optimism among market participants².
According to Sam Wouters, the marketing head at River Intelligence, Bitcoin's next ambitious target is the Mexican peso. Data from Xe reveals that Bitcoin is currently trading at 1.1 million pesos, representing a significant opportunity for growth in the Mexican market¹.
Along with Bitcoin, several altcoins also registered notable gains on Tuesday. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, surged by 7.86% to $3,731.50, sustaining above the $3,700 level¹. Ethereum's growth was driven by the ongoing developments and partnerships within its ecosystem, as well as the anticipation of its upcoming upgrade, dubbed Ethereum 2.0³.
Dogecoin (DOGE), a popular meme-based cryptocurrency, soared by 27.13% to $0.1851, riding on the wave of social media hype and celebrity endorsements. Dogecoin's community-driven ethos and whimsical branding have made it a favorite among crypto enthusiasts worldwide¹.
Other altcoins that witnessed significant gains include Shiba Inu (SHIB), which rallied by a whopping 97.07% to $0.00004465, and Pepe Coin (PEPE), which increased by 8.87% to $0.000007115. Both SHIB and PEPE are meme-inspired tokens that have gained popularity and value in recent months¹.
However, not all altcoins were in the green on Tuesday. Litecoin (LTC), a prominent player in the cryptocurrency ecosystem, dipped by 0.29% to $89.52, while XRP, the native cryptocurrency of the Ripple network, rose by 3.44% to $0.6557¹.
The overall cryptocurrency market capitalization stood at $2.23 trillion at the time of writing, up by 6.64% in the last 24 hours¹. The market sentiment was positive and optimistic, as investors and traders anticipated more growth and innovation in the crypto space..
Source: Conversation with Bing, 3/5/2024
(1) Crypto Prices Today: Bitcoin Closer To $68K, ETH, XRP, PEPE ... - CoinGape. https://coingape.com/crypto-prices-today-bitcoin-closer-to-68k-eth-xrp-pepe-gain-as-shib-rallies-68/.
(2) Cryptocurrency Price Today: Bitcoin Crosses $68,000, All-Time High In Sight. https://www.msn.com/en-in/money/markets/cryptocurrency-price-today-bitcoin-crosses-68000-all-time-high-in-sight/ar-BB1jkPOE.
(3) Crypto Price Today: Bitcoin Surpasses $68K; Altcoins Soar. https://www.analyticsinsight.net/crypto-price-today-bitcoin-surpasses-68k-altcoins-soar/.
(4) Crypto Price Today: Bitcoin Surpasses $68K; Altcoins Soar. https://bing.com/search?q=Crypto+Price+Today%3a+Bitcoin+Surpasses+%2468K.
(5) Getty Images. https://www.gettyimages.com/detail/photo/crytpocurrency-royalty-free-image/954471176.
