Bitcoin, the pioneering cryptocurrency, experienced a significant surge, climbing by 3.79% in the 24-hour period leading up to 8:20 am UTC. This surge propelled Bitcoin’s price to $58,504, marking its highest level in over two years and three months.
On the weekly chart, Bitcoin saw an impressive uptrend of over 13.5%, while on the monthly chart, it recorded a remarkable increase of over 38%, according to data from CoinMarketCap.
The recent surge in Bitcoin’s price follows MicroStrategy’s announcement that it had acquired an additional 3,000 Bitcoin, amounting to $155 million. This purchase, made between February 15 and 25 at an average price of $51,813, brings MicroStrategy’s total Bitcoin holdings to 193,000, acquired for $6.09 billion.
According to Mikkel Morch, founder of ARK36, a digital asset investment fund, MicroStrategy’s recent purchase has significantly bolstered institutional confidence in cryptocurrencies, contributing to the ongoing rally.
The total market capitalization of the cryptocurrency industry surged by 2.85% in the past 24 hours, reaching $2.19 trillion. This milestone was achieved shortly after Bitcoin surpassed the $57,000 mark. The resurgence in market capitalization is attributed to Bitcoin ETF inflows and an overall improvement in investor sentiment.
Morch predicts that both Bitcoin and Ether could reach new all-time highs in the coming weeks. This anticipation is fueled by the upcoming Bitcoin halving and the potential approval of a U.S. spot Ether ETF. The expectation surrounding spot Ether ETFs highlights the growing maturity of the cryptocurrency market, acknowledging Ethereum’s pivotal role as both a digital currency and an infrastructure backbone.
Nine spot Bitcoin ETFs recorded combined trading volumes exceeding $2 billion for the second consecutive day on February 28, underscoring the increasing interest and participation of investors in the cryptocurrency market.
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