Bitcoin, the world’s first cryptocurrency, increased by 3.79% in 24 hours and was traded at $58,504 for the first time in two years and three months. According to CoinMarketCap data, Bitcoin increased by over 13.5% on the weekly chart and over 38% on the monthly chart. The rally for Bitcoin price comes two days after Michael Saylor’s MicroStrategy announced the purchase of an additional 3,000 Bitcoins for a total of $155 million at an average price of $51,813 between February 15-25. Here are the details…
Bitcoin price increased by 4 percent
Bitcoin price rose 3.79% in 24 hours, reaching $58,504, the highest level in the last two years and three months. This rise created a positive atmosphere in the cryptocurrency market. Bitcoin, which gained more than 13.5% on the weekly chart and over 38% on the monthly chart, excited investors. Behind this rise lies investment giant MicroStrategy’s purchase of 3,000 more Bitcoins at an average price of $51,813 between February 15-25. This move increased institutional investors’ confidence in cryptocurrencies and positively affected the market volume.
Additionally, developments regarding the approval of Bitcoin ETFs in the USA also added optimism to the market. Experts predict that Bitcoin and Ethereum could reach record highs in the next few weeks. Bitcoin’s upcoming halving event and the potential approval of spot Ether ETFs in the US are seen as factors that could trigger this rise.
Altcoins benefit from Bitcoin rally
Bitcoin is currently trading around $59,500, very close to the psychological level of $60,000. Exceeding this level may give new momentum to the market. Popular altcoins such as XRP, DOGE and SHIB also benefited from this rise and gained around 6-7% in value. Ethereum, on the other hand, rose above the $ 3,300 level with an increase of 3%.
Generally speaking, the cryptocurrency market has achieved a positive momentum. It will not be a surprise if Bitcoin exceeds $ 60,000 in the coming days. Selective increases are expected to continue in altcoins. The total cryptocurrency market value increased by 4.2% on CoinGecko, reaching over 2.3 trillion dollars. These data show that the cryptocurrency market continues to mature and the interest of institutional investors is increasing.
What are the experts’ expectations?
MicroStrategy’s latest acquisition is institutional support fueling this rise, according to Mikkel Morch, founder of crypto asset investment fund ARK36. Morch wrote in his research note:
This rally is not just about the numbers on the chart; This is a statement of confidence in the transformative potential of cryptocurrencies among institutional investors… Moreover, the green light for Bitcoin-holding ETFs in the US has created a new wave of optimism, increasing trading volumes and bringing crypto-related firms to the forefront in the wider environment. The market is filled with anxiety.
According to Morch, we could see a new all-time high for both Bitcoin and Ether in the next few weeks. This is due to the expectation of the upcoming Bitcoin halving and the potential adoption of the US spot Ether ETF.
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