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The world’s first cryptocurrency Bitcoin, has seen a 3.80% increase over the last 24 hours, trading at $59,265 for the first time in 27 months. According to CoinMarketCap data, Bitcoin has achieved an increase of over 13.5% on the weekly chart and over 38% on the monthly chart. The price increase on the Bitcoin front occurred two days after the announcement that MicroStrategy, led by Michael Saylor, purchased an additional 3,000 Bitcoins for a total of $155 million at an average price of $51,813 between February 15-25.
Continued Interest in Bitcoin
With a total of 193,000 Bitcoins purchased at an average price of $31,544, amounting to $6.09 billion, MicroStrategy continues to be the largest Bitcoin holder among publicly traded companies.
According to Mikkel Morch, founder of crypto asset investment fund ARK36, MicroStrategy’s latest purchase is primarily fueling this rally with institutional endorsement. Morch stated in a research note he shared:
“This rally is not just about the numbers on the chart; it’s a declaration of confidence in the transformative potential of cryptocurrencies among institutional investors. Moreover, the green light for Bitcoin ETFs in the United States has created a new wave of optimism, increased trading volumes, and highlighted crypto-related companies amidst a broader market filled with anxiety.”
The total crypto market value has increased by 2.85% in the last 24 hours, reaching $2.19 trillion. The sector regained the $2 trillion market cap on February 27, supported by Bitcoin exchange-traded fund (ETF) inflows and improved investor sentiment in cryptocurrencies.
What to Expect for Bitcoin?
According to Morch, in the coming weeks, both Bitcoin and Ethereum could see new all-time highs with the anticipation of the upcoming Bitcoin halving event and the potential approval of a US spot Ethereum ETF:
“The expectation surrounding the approval of spot Ethereum ETF applications further underscores the maturation of the crypto market. Ethereum is being recognized not just as a cryptocurrency but also as a backbone infrastructure for a future where finance and technology merge more seamlessly.”
Nine spot Bitcoin ETFs recorded a combined trading volume of over $2 billion for the second consecutive day on February 28.
