Bitcoin rose to $ 70,000 in a flash

For the first time in history, the flagship crypto asset BTC $61,896.30 Bitcoin -0.61% Market capitalization $1.22 trillion VOL. 24 hours $0.51 billion rose to the $ 70,000 mark — the bitcoin breakout was recorded on the evening of March 8. However, it did not last long.

According to the analytical tracker CoinMarketCap, at the time of writing, the main cryptocurrency has corrected to $ 68,421, which is still 1.6% higher than yesterday. The total number of coins circulating on the market amounted to $ 1.3 trillion, and traders made daily trading deals worth $ 56.5 billion.

At the same time, traders seem to have shifted their attention to alternative cryptocurrencies, particularly memecoins, as they promise higher profits.

Dogecoin DOGE $0.11 Binance-Peg Dogecoin -0.92% Market capitalization $0.2 billion VOL. 24 hours $44.42 million is up almost 2%, and Pepe (PEPE) has soared by more than 11%. Additionally, Ethereum ETH $2,406.90 Bridged Ether (StarkGate) -0.70% Market capitalization $0.18 billion VOL. 24 hours $0.25 billion was up about 16% on the week.

«With bitcoin consolidating at current levels and Ethereum relatively outperforming in the short term, attention will be focused on altcoins and specific spin-offs that will start to take off,» said Chris Newhouse, a DeFi analyst at Cumberland Labs.

Ethereum’s growth is driven by investors' expectations that the U.S. Securities and Exchange Commission (SEC) will soon approve Ethereum spot exchange-traded funds (ETFs). As a reminder, bitcoin ETFs were approved in January, and the growing demand for their securities has been the main catalyst for the more than 60% increase in bitcoin’s price this year alone.