Bitcoin rose 44% in February, the largest monthly gain since December 2020
Bitcoin rose by 44% in February, marking the largest monthly increase since December 2020. Market analysis posted on X by Alex Thorn, head of research at Galaxy, suggests that the US spot Bitcoin ETF is a "game-changer," providing stable and recently accelerating demand for BTC. Meanwhile, about 75% of Bitcoin's supply is held by long-term holders who have so far been unwilling to sell at recent price levels.
Analysts at IntoTheBlock point out that on-chain transaction volume and retail interest in cryptocurrencies on the Bitcoin network are still far below previous peak levels.
Crypto analysis firm Swissblock predicts that Bitcoin's current upward trend is "just the beginning of future trends."
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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