The last time Bitcoin traded at similar levels was in November 2021, before a correction from its all-time high of $68,789. The world’s first cryptocurrency, Bitcoin, saw a 3.7% increase in the 24 hours leading up to 8:20 AM UTC, trading at $58,504 for the first time in two years and three months, according to CoinMarketCap data. Over the week, Bitcoin has risen over 13.5%, and over the month, it has increased by more than 38%.
The price hike comes two days after the announcement that MicroStrategy, led by Michael Saylor, acquired an additional 3,000 Bitcoins worth $155 million at an average price of $51,813 between February 15 and 25. With an average purchase price of $31,544, MicroStrategy is now the world’s largest public company holder of Bitcoin. According to Mikkel Morch, executive director and founder of digital asset investment fund ARK36, MicroStrategy’s recent purchase is a corporate endorsement primarily fueling this rally. Morch shared in a research note with CoinTelegraph that this rally is not just numbers on a chart.
“It’s a statement of institutional investor confidence in the transformative potential of digital currencies,” Morch wrote. Additionally, the green light for Bitcoin ETF ownership in the United States has injected a new wave of optimism, moving trading volumes and highlighting cryptocurrency-related companies amid broader market activity. The total crypto market value has risen by 2.85% in the past 24 hours to $2.19 trillion. The industry reached a $2 trillion market value on February 27 as Bitcoin hit $57,000, bolstered by inflows from Bitcoin exchange-traded funds (ETFs) and improved investor sentiment towards digital currencies.
Morch predicts we might see new records for Bitcoin and Ether in the coming weeks, driven by anticipations of Bitcoin’s future halving and the potential approval of an Ether spot ETF in the United States. “Predictions surrounding the approval of Ether spot ETFs underscore the digital currency market’s maturity, recognizing Ethereum’s role not just as a digital currency but as infrastructure for a future where finance and technology merge more seamlessly,” he wrote. On February 28, for the second consecutive day, nine Bitcoin ETFs collectively registered trading volumes exceeding $2 billion.
