Ethereum network fees surged to nearly two-year highs, largely driven by the speculative frenzy with meme tokens such as PEPE, SHIB and FLOKI.

Bitcoin cash and ethereum classic also posted significant gains as all 20 cryptos in the gauge appreciated.

Bitcoin briefly rose above $70,000 Friday, but immediately tumbled to $67,000, repeating Tuesday's action.

The second-largest cryptocurrency last surpassed that level in December 2021.

The bank lifted its rating on the stock after bitcoin hit record highs and the crypto exchange’s trading volume reached levels not seen since 2021.

The latest price moves in bitcoin (BTC) and crypto markets in context for March 8, 2024.

Traders have been using meme tokens as a proxy bet on the growth of Ethereum or other blockchains.

The stablecoin earns yield by shorting ether futures and capturing funding rates - which have surged in the past two weeks.

The bitcoin spot ETF market could grow to around $62 billion in the next two to three years, the report said.