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Bitcoin hovers below $68K, crypto space lifted off rally

Bitcoin (BTC-USD) sits above $67,000 as the cryptocurrency gets back on the path toward its record high from November 2021 on recent rallies.

Yahoo Finance Senior Markets Reporter Jared Blikre monitors recent movements in the crypto space, including some of the top spot bitcoin ETFs and crypto-exposed stocks.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

BRAD SMITH: Well, Bitcoin hovering just under $68,000 this morning with all time highs in sight. "Yahoo Finance's" Jared Blikre joins us for a crypto breakdown. Hey, Jared.

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JARED BLIKRE: It's happening, Brad. Finally, Bitcoin about to eclipse its record high all but in the books right now. Here's the price, $67,524, depends on which exchange you're tracking. "Yahoo Finance" uses a blended mix of a bunch of different exchanges. And right now, I believe the all-time highs just short of $69,000.

Here are the-- excuse me. Here is the existing record high back in late 2021. And you can see it's been a long time coming here, just over two years. And we are finally at the inflection point. Just want to point out that Ethereum also on its heels. A little bit lower relative to with respect to Bitcoin's relative all-time highs. A little bit lower in Ethereum.

But still, nevertheless, the five-day gains here-- and a lot of these tokens are just mind blowing here-- here's the five-day look. And you're going to see some of the smaller tokens finally showing some signs of green here. Here's Shiba Inu up 141%. We had a little bit of a flash crash overnight. I didn't see it in this blended exchange look that we have here on "Yahoo Finance."

But, nevertheless, that's a report I was seeing. But when you see smaller tokens like this and Dogecoin up 31%, really gives you a flavor for the risk on environment that we're in. It's not necessarily a good thing because these things can end very abruptly.

But here's MicroStrategy. Again, this is only over the last five days. It is up 67.5%. That is a heck of a chart right there. And let me just show you what it has done with respect to Bitcoin, because MicroStrategy could be considered a levered bet on the cryptocurrency.

Here is the GBTC, Grayscale Bitcoin ETF versus MicroStrategy. MicroStrategy here in cyan has exploded 87% over the last seven days to Grayscale's 30%. And I'm just using Grayscale as a proxy for overall Bitcoin. And you can see until recently, they were closely tying to each other, pretty much neck and neck.

Just getting back to our analysis, nice to see some of these other cryptocurrency tokens, especially, the smaller ones show the light of day. But I think there's going to be more interest in what's happening with Cardano and Solana.

Here's Cardano over the last seven days-- or excuse me, intraday. It is up to 0.7699. But everybody's waiting for that Bitcoin $70,000, I think. And then well, hats off. $100,000, maybe.