A crypto rally ensued in the last 24 hours, likely initiated by institutional crypto investors, which helped Bitcoin go over $57,000 and take its overall market cap.
Bitcoin went ahead of $57,000 during the latest crypto rally and carried forward the optimistic sentiments. Consecutive days of positive returns have helped the global crypto market to double in recent months. The market cap has gone above $2 trillion, while BTC alone accounts for around half its value. Meanwhile, institutional crypto investors had led the surging inflows into the crypto market.
For instance, MicroStrategy, a BTC proponent, announced it had bought more Bitcoins recently. In a regulatory filing, it said, “between February 15, 2024 and February 25, 2024, MicroStrategy, together with its subsidiaries, acquired approximately 3,000 Bitcoins for approximately $155.4 million in cash, at an average price of approximately $51,813 per Bitcoin, inclusive of fees and expenses.”
On the other hand, the spot Bitcoin ETFs also hold around 300,000 Bitcoins, with their inflows rising consistently. The Bitcoins under their holdings account for approximately $17 billion in value. It is an encouraging sign within just a month of approvals.
During the current crypto rally, the $60,000 mark for BTC could also be near if bulls steer clear of bearish activity. At the same time, Ethereum’s trading level also went past $3,200, signaling improving trends. Its market cap could likely cross $400 billion soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,400 on February 28, 2024, with BTC/USD trading higher by a margin of 3.32% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.13 trillion.
BTC/USD is trading higher than its 20-day EMA (49,507.52), as BTC’s 24-hour volume was at around $38 billion. The global crypto market cap increased by around 2.27%, trading above $2.16 trillion. BTC’s year-to-date returns are at 36.34%.
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