Bitcoin (BTC) Nears $80,000 as Buying Interest Heats up Crypto Market

Market price of Bitcoin (BTCUSD) has surged near $80,000 at the last look today amidst sustained buying interest in the cryptocurrency markets.

Bitcoin (BTC) price showed signs of recovery on Friday after hitting a record high the previous day. The world’s largest cryptocurrency rose 0.2% to $76,658.7 by 21:05 ET (01:05 GMT).

Bitcoin reached a high of $77,252.41 earlier in the 24-hour period, as per CoinMarketCap data.

Its 24-hour trading volume fell 12% to $57.11 billion.

Bitcoin rose sharply this week as optimism over the cryptocurrency’s long-term prospects and hopes of an eventual Bitcoin exchange-traded fund drove the digital asset to a record high.

Among other digital assets, Ethereum gained 1.5% to $2,933.9. The second-largest digital asset rose nearly 17% this week. Solana edged up 0.5%, while BNB dropped 0.9%.

XRP fell 1.3%, while Cardano jumped 10% and Dogecoin added 1.6%.

Rising interest in cryptocurrencies this year also drove the total digital asset market cap to a record high. It rose 4.79% to $2.73 trillion, as per CoinMarketCap.

CoinDesk’s Market Index, which tracks 126 digital assets, edged up 0.7% in the past 24 hours.

US stock indices gained on Friday as strong earnings from American Express helped offset concerns over rising inflation and the Federal Reserve’s plans to scale back stimulus.

The Nasdaq 100 gained 0.1%, the S&P 500 gained 0.4%, and the Dow Jones Industrial Average gained 0.6%.

For the week, the Nasdaq gained 0.7%, while the S&P gained 2.3%. The Dow gained 1.6%.

The US 10-year Treasury yield closed at 4.306%, down from Thursday’s close of 4.341%, while the five-year yield closed at 4.192%, up from 4.188%.

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