New Bitcoin Record: Now Also Over $70,000 | News

to explain. What are cryptocurrencies and how do they work?

Bitcoin peaked at $70,085.85 on Friday. After that, the cryptocurrency fell to around $68,000.

On Tuesday, the value of the largest cryptocurrency had already risen to more than $69,000, the old record level it reached in November 2021.

The value of Bitcoin has been rising all year. At the beginning of 2024, the coin was still worth $43,000, but since then more than 60 percent of it has been added. This increase is due to the approval of Bitcoin funds listed in the United States. This has made the cryptocurrency more accessible to a wider range of investors, increasing demand and thus the price of the digital currency. They can now invest in Bitcoin without having to own the cryptocurrency itself.

At the same time, traders are increasingly turning their attention to other currencies in their search for big profits. For example, another cryptocurrency, ether, is approaching the $4,000 level for the first time since the end of 2021. The coin is expected to be the next to gain approval for tradable funds. So-called memcoins, which are cryptocurrencies with an entertaining style, are becoming more popular among speculators. They are often worth barely anything, but that is exactly why they can make huge profits from them.

Cryptocurrencies are considered speculative by many. Price movements are often very erratic. For example, Bitcoin was already worth $69,000 in 2021, but at the beginning of 2023 it was worth only $16,600.