March 27, 2024
Bitcoin's at $59,281, Approaches $60,000 with 3.7% Gain
Bitcoin price today

Bitcoin’s at $59,281, Approaches $60,000 with 3.7% Gain

Wednesday, February 28, 2024: Bitcoin price stands at $59,281. The leading cryptocurrency experienced a noteworthy 3.79% increase in the 24 hours until 8:20 am UTC, reaching a trading value of $58,504. This achievement is remarkable, as it reaches a level not observed in the past two years and three months. The Bitcoin ticker, abbreviated as BTC, showed a slight decline, stabilizing at $59,348.

On a broader timeframe, Bitcoin has demonstrated impressive growth, boasting a remarkable 13.5% increase on the weekly chart and an even more substantial uptick of over 38% on the monthly chart, as per data from CoinMarketCap.

The recent surge in Bitcoin’s price is attributed to the announcement that Michael Saylor’s MicroStrategy has acquired an additional 3,000 Bitcoins. This acquisition, amounting to $155 million, transpired between Feb. 15 and 25, with an average purchase price of $51,813. MicroStrategy now stands as the largest publicly traded company holder of Bitcoin, having accumulated a total of 193,000 Bitcoin at an average cost of $31,544, totaling $6.09 billion.

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Mikkel Morch, founder of the digital asset investment fund ARK36, perceives MicroStrategy’s recent purchase as the driving force behind the ongoing rally. Morch stated, “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.”

The surge in Bitcoin’s price coincides with the approval of Bitcoin-owning ETFs in the United States, injecting a renewed sense of optimism into the market. Morch believes that this institutional confidence and the approval of Bitcoin-owning ETFs are pivotal factors propelling the current market momentum.

The total crypto market capitalization experienced a 2.85% increase in the past 24 hours, reaching $2.19 trillion. This follows the industry’s recapture of the $2 trillion market capitalization threshold on Feb. 27, fueled by a combination of Bitcoin ETF inflows and improving investor sentiment in the crypto space.

Morch anticipates the possibility of new all-time highs for both Bitcoin and Ether in the coming weeks. He attributes this potential surge to the anticipation surrounding the upcoming Bitcoin halving and the potential approval of a U.S. spot Ether ETF. Morch emphasized, “The anticipation swirling around the approval of spot Ether ETFs further underscores the maturation of the cryptocurrency market.” He sees Ethereum not just as a digital currency but as an infrastructure backbone for the convergence of finance and technology.

In a notable development, the nine spot Bitcoin ETFs recorded a combined trading volume exceeding $2 billion for the second consecutive day on Feb. 28. This signals a growing interest and participation in the cryptocurrency market.

Image by freepik

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