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Bitcoin Price Climbs Back Above $8K to Reach 60-Day High
Bitcoin's price jumped by $200 within two hours on Wednesday and passed $8,000 for the first time in two months, data shows.
Por Wolfie Zhao
Bitcoin's price has climbed back above $8,000 for the first time in two months.
According to CoinDesk's Bitcoin Price Index, the price of the world's largest cryptocurrency by market capitalization jumped by $200 in just two hours on Wednesday and is changing hands at $8,015 as of press time – that's a level not seen since May 24.
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The price of bitcoin had been declining since May 24 and reached a new year's low at $5,785 on June 24, after which it started regaining momentum for a move back above $8,000, reflecting a nearly 40 percent increase since the June low.
Data from Bitfinex shows the trading volume of bitcoin more than doubled amid the price move, having increased from $4.9 million to $12.6 million within just four hours on the exchange.
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That said, bitcoin is still down nearly 53 percent from the yearly high above $17,000 seen in January.
Meanwhile, data shows that bitcoin's market capitalization dominance has also increased significantly over the past two months.
According to CoinMarketCap, bitcoin accounted for 37 percent of the total cryptocurrency market capitalization in mid-May. Yet that data has increased to 47 percent as of press time, pushing bitcoin's dominance to a level not seen since late December.
Notably, bitcoin is the only top 10 cryptocurrency by market cap that has seen growth over the past 24 hours, with other major cryptos all seeing declines of 1–5 percent, respectively.
Image via CoinDesk
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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