Bitcoin reaches $60,000 after a 3.7% daily gain
Bitcoin (BTC), the world's leading cryptocurrency, rose 3.79% for the first time in two years and three months to trade at $58,504 in the 24 hours to 8:20 am UTC.
According to CoinMarketCap data, Bitcoin is up more than 13.5% on the weekly chart and more than 38% on the monthly chart.
Bitcoin's price rally comes two days after it was announced that Michael Saylor's micro strategy gained an additional 3,000 BTC between February 15 and 25 at an average of $51,813 for a total of $155 million. He earned a total of 193,000 BTC for $6.09 billion. At an average price of $31,544, MicroStrategy is the largest holder of Bitcoin among publicly traded companies.
Microstrategy earns an additional 3,000 BTC for ~$155 million at an average of $51,813 per #bitcoin. As of 2/25/24 @MicroStrategy now hodls 193,000$BTC for ~$6.09 billion at an average of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P
— Michael Saylor⚡️ (@saylor) February 26, 2024
According to Michael Morch, founder of digital asset investment fund ARK36, MicroStrategy's recent acquisition of institutional backing is primarily fueling this rally. Morch wrote in a research note shared with Cointelegraph:
“This rally isn't just numbers on a chart; it's an expression of confidence among institutional investors in the transformative potential of cryptocurrencies… In addition, the green light for Bitcoin-owned ETFs in the United States is a new wave of optimism, encouraging trading volumes and broadly supporting crypto-related companies.” It's in. The market is filled with fear.”
Total crypto market capitalization increased by 2.85% to $2.19 trillion in the last 24 hours. The industry regained control of a $2-trillion market capitalization on February 27, boosted by bitcoin breaching $57,000, a combination of Bitcoin exchange-traded fund (ETF) earnings and improving crypto investor sentiment.
According to Morch, we can see a new all-time high for both Bitcoin and Ether (ETH) in the next two weeks, in anticipation of the upcoming Bitcoin halving and driving the potential adoption of the United States spot Ether ETF. wrote:
“The speculation surrounding the approval of Spot Ether ETFs further highlights the maturity of the cryptocurrency market. It recognizes Ethereum's role not only as a digital currency, but also as an infrastructure network where finance and technology will become more integrated in the future.”
The nine position Bitcoin ETFs recorded a trading volume of more than $2 billion on February 28 for the second day in a row.
Related: Bitcoin ETFs Make Up 75% of New Investments – CryptoQuant
