Bitcoin hits $60,000 after 3.7% daily rise

Bitcoin surged 3.79% in the past 24 hours reaching $58,504 for the first time in over two years.

The first cryptocurrency in history, Bitcoin, increased by 3.79% in the 24 hours before 8:20 a.m. UTC, closing at $58,504 for the first time in two years and three months. According to CoinMarketCap data, Bitcoin is up by more than 13.5% on the weekly chart and more than 38% on the monthly chart.

MicroStrategy Purchase 3,000 Bitcoin

The news that Michael Saylor’s MicroStrategy had purchased an extra 3,000 bitcoins for a total of $155 million at an average price of $51,813 between February 15 and 25, before the recent surge in the price of the cryptocurrency by two days.

MicroStrategy is the world’s greatest Bitcoin holder among publicly traded corporations having purchased 193,000 BTC for a total of $6.09 billion, or an average price of $31,544.

According to the recent acquisition by MicroStrategy, in the opinion of Mikkel Morch, founder of the digital asset investment fund ARK36, the recent acquisition by MicroStrategy is what is primarily driving this rally institutional support. He said:

“This rally is not just numbers on a chart; it’s a declaration of the confidence among institutional investors in the transformative potential of cryptocurrencies… Moreover, the green light for Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms amidst a broader market fraught with apprehension.”

The entire cryptocurrency market capitalization rose by 2.85% to $2.19 trillion. On February 27, after rising enthusiasm among cryptocurrency investors and inflows into exchange-traded funds (ETFs), the industry regained its $2 trillion market value.

“The anticipation swirling around the approval of spot Ether ETFs further underscores the maturation of the cryptocurrency market. It recognition of Ethereum’s role not just as a digital currency, but as an infrastructure backbone for a future where finance and technology merge more seamlessly.”

According to Morch, the impending Bitcoin halving and the possible approval of a spot Ether ETF for the US market might lead to a new all-time high for both Bitcoin and Ether in the coming weeks.

On February 28, the nine top exchange-traded funds (ETFs) saw a combined trading volume of more than $2 billion for the second day in a row.