Bitcoin traded around $72,700 on Thursday, maintaining gains above $70,000 but pausing its recent breakout without pushing toward $80,000. Ether also saw modest increases of less than 1%, as investors assessed macroeconomic risks and derivatives activity. Broader market indices for major cryptocurrencies rose about 3%, while sectors like DeFi showed little movement.
The cryptocurrency market showed limited activity on Thursday, March 5, 2026, following a breakout the previous day. Bitcoin, priced at approximately $71,216.92, held steady above the $70,000 support level that had previously stalled rallies. Despite analyst predictions of a move toward $80,000, the asset failed to extend its upward momentum, trading around $72,700 during Asia and Europe sessions.
Ether followed a similar pattern, posting gains under 1% as traders evaluated factors including global equities' response to reports of Iran reaching out to the United States. These reports suggested potential agreements to end ongoing conflicts in exchange for limits on Iran's missile production. As a result, equities climbed, and the Dollar Index declined, though it has risen 3.5% since late January. Such dollar weakness often correlates with bitcoin rallies.
Derivatives markets reflected cautious optimism. Open interest in bitcoin futures increased to 680,000 BTC, the highest in nearly two weeks, aligning with spot price gains. Ether futures open interest reached 13.41 million ether, a level not seen since January 31. Annualized perpetual funding rates for both assets remained mildly positive, indicating a bullish tilt, while implied volatility indexes stayed stable.
Among altcoins, the CoinDesk 5 and CoinDesk 10 indices each advanced around 3% over 24 hours. In contrast, the DeFi Select Index and Computing Select Index rose by only 0.4% and 0.7%, respectively. Layer-1 token MANTRA surged 25% following a token migration from OM to MANTRA and a 1:4 redenomination. Privacy token Monero climbed 5.2% since midnight UTC and 9.8% over the past week, bucking a broader correction in similar assets.
Overall, the market adopted a wait-and-see approach, with bitcoin's ability to consolidate near current levels potentially paving the way for gains in more speculative tokens later.
