Bitcoin Back Above $70,000 As Crypto Market Regains Steam — New All-Time High Coming This Week?

After some terrible, no good, very bad days for Bitcoin that saw the benchmark cryptocurrency slump to $61,400 lows, BTC has come roaring back.

Momentum is growing ahead of the halving, with Bitcoin ETF success undoubtedly helping with the upsurge. Bitcoin soared past the $70,000 mark on Monday, with investors now wondering if a new all-time high is nigh.

Bitcoin Reclaims $70K To Start The Week

After last week’s lull, Bitcoin started this week with a bang.

The BTC price rose to as high as $70,795 Monday, having gained 8.7% in the past 24 hours, according to CoinGecko data. The last time BTC was hovering above $70K was on March 14, just before the world’s oldest and largest cryptocurrency began to fall and subsequently went on a wild rollercoaster ride characterized by massive ETF outflows, digital asset exchange flash crashes, and high inflation rates.

The rest of the crypto market is surging alongside Bitcoin, with Ethereum, the industry’s second-largest asset, climbing 7.5% to reach $3,637. Solana’s SOL is trading 9.7% higher over the past 24 hours to change hands at $192.56.

Bitcoin’s rally in recent months has been fueled largely by demand for spot BTC exchange-traded funds (ETFs), which were greenlighted by the U.S. Securities and Exchange Commission in mid-January and allowed traditional institutional investors to buy and sell shares like stocks. It’s a way for people to gain exposure to Bitcoin without having to hold the asset themselves.

Fresh Record High Next?

The premier crypto’s latest price discovery action comes as its fourth pre-programmed halving event is roughly 25 days away. Halving happens quadrennially and slashes the amount of BTC rewards given to miners for securing the network in half. 

The halving is deemed a very significant event by many, touted as a catalyst for parabolic bull runs in BTC. The idea is that if fewer new Bitcoins are being minted and demand continues skyrocketing, the value of those coins already in existence rises. Historical precedent suggests Bitcoin’s value could double, or even quadruple post-halving.

While Bitcoin retaking the $70,000 milestone today is a cause for celebration by investors, the king crypto remains 3.9% below its all-time high of $73,737 registered on March 14.