Bitcoin approaches $60,000 after 3.7% daily gain
Bitcoin, the world’s first cryptocurrency, rose 3.79% in the 24 hours leading up to 8:20 am UTC, to trade at $58,504, for the first time in two years and three months.
Bitcoin ( BTC ) is up over 13.5% on the weekly chart and over 38% on the monthly, according to CoinMarketCap data .
Bitcoin’s price rally comes two days after the announcement that Michael Saylor’s MicroStrategy had acquired an additional 3,000 Bitcoin for a total of $155 million at an average price of $51,813 between Feb. 15 and 25. With a total of 193,000 Bitcoin acquired for $6.09 billion at an average price of $31,544, MicroStrategy is the world’s largest Bitcoin holder among publicly traded companies.
MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin . As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P
— Michael Saylor⚡️ (@saylor) February 26, 2024
According to Mikkel Morch, founder of the digital asset investment fund ARK36, MicroStrategy’s recent purchase is the institutional endorsement mainly fueling this rally. Morch wrote, in a research note shared with Cointelegraph:
“This rally is not just numbers on a chart; it's a declaration of the confidence among institutional investors in the transformative potential of cryptocurrencies… Moreover, the green light for Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms amidst a broader market fraught with apprehension.”
The total crypto market capitalization increased 2.85% in the past 24 hours to $2.19 trillion. The industry recaptured the $2 trillion market capitalization on Feb. 27, as Bitcoin breached $57,000, bolstered by a combination of Bitcoin ETF inflows and improving crypto investor sentiment.
According to Morch, we could see a new all-time high for both Bitcoin and Ether in the next couple of weeks, driven by the anticipation of the upcoming Bitcoin halving and the potential acceptance of a U.S. spot Ether ETF. He wrote:
“The anticipation swirling around the approval of spot Ether ETFs further underscores the maturation of the cryptocurrency market. It recognition of Ethereum's role not just as a digital currency, but as an infrastructure backbone for a future where finance and technology merge more seamlessly.”
The nine spot Bitcoin ETFs recorded combined trading volumes of over $2 billion for the second consecutive day on Feb. 28.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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