Key Points
Bitcoin, the pioneering cryptocurrency, experienced a 3.79% surge in the 24 hours leading up to 8:20 am UTC, trading at $58,504. This marks the first time in two years and three months that Bitcoin has reached this value.
Data from CoinMarketCap indicates that Bitcoin (BTC) has seen a weekly increase of over 13.5% and a monthly increase of over 38%.
MicroStrategy’s Influence on Bitcoin’s Rally
The surge in Bitcoin’s price comes two days after MicroStrategy, led by Michael Saylor, announced the acquisition of an additional 3,000 Bitcoin. This acquisition, totaling $155 million, was made at an average price of $51,813 between February 15 and 25.
With a total of 193,000 Bitcoin acquired for $6.09 billion at an average price of $31,544, MicroStrategy is now the largest Bitcoin holder among publicly traded companies.
Mikkel Morch, founder of digital asset investment fund ARK36, believes that MicroStrategy’s recent purchase is the primary driver of the current rally. He stated that this rally is not just statistical, but also a reflection of the confidence that institutional investors have in the transformative potential of cryptocurrencies.
Furthermore, the approval of Bitcoin-owning ETFs in the United States has sparked a new wave of optimism, causing an increase in trading volumes and drawing attention to crypto-linked firms amidst a broader market filled with uncertainty.
The total crypto market capitalization rose by 2.85% in the past 24 hours to $2.19 trillion. The industry regained the $2 trillion market capitalization on February 27 when Bitcoin surpassed $57,000, boosted by a combination of Bitcoin ETF inflows and improving crypto investor sentiment.
According to Morch, we could witness a new all-time high for both Bitcoin and Ether in the coming weeks. This is expected to be driven by the anticipation of the upcoming Bitcoin halving and the potential approval of a U.S. spot Ether ETF.
He further emphasized the maturity of the cryptocurrency market and the recognition of Ethereum’s role not only as a digital currency but also as an infrastructure backbone for a future where finance and technology merge more harmoniously.
On February 28, the nine spot Bitcoin ETFs recorded combined trading volumes of over $2 billion for the second consecutive day.
