Bull Run Returns? Bitcoin Breaks Through $57,000 Barrier
February 27 2024 - 1:00AM
NEWSBTC
In a not-so unexpected turn of events, Bitcoin (BTC) has surged to
new heights, breaking the $57,000 barrier during the early hours of
Tuesday in the Asian market. This price level, not seen since
November 2021, marks a significant resurgence for the leading
cryptocurrency. Related Reading: Who’s Behind The Latest $41
Million Ethereum Buying Spree? Justin Sun Again? Bitcoin ETFs
Experience Unprecedented Activity Remarkably, the surge in
Bitcoin’s price has triggered substantial activity in US-based spot
Bitcoin ETFs, excluding Grayscale’s GBTC. According to Bloomberg,
these ETFs recorded a record-high $2.4 billion in trading volume on
Monday. This surge in trading activity underscores the increasing
interest and involvement of institutional investors in the
cryptocurrency market. As of the time of publication, bitcoin had
slightly decreased to $56,437, but it was still up about 10% from
the previous day. Since the beginning of the year, the price of
bitcoin has risen by more than 30%, continuing a protracted surge
that has also spurred interest in smaller currencies like Ether and
Solana, among speculators. The demand for Bitcoin is not confined
to spot trading alone; a substantial influx of approximately $5.6
billion has poured into recently launched Bitcoin ETFs in the US,
which began trading on January 11. This influx of investment
signals a broadening interest in Bitcoin, extending beyond the
traditional base of digital asset enthusiasts. It’s official..the
New Nine Bitcoin ETFs have broken all time volume record today with
$2.4b, just barely beating Day One but about double their recent
daily average. $IBIT went wild accounting for $1.3b of it, breaking
its record by about 30%. pic.twitter.com/MiCs1rzttM — Eric
Balchunas (@EricBalchunas) February 26, 2024 Bitcoin’s Rally
Outshines Traditional Assets Surprisingly, Bitcoin’s rally this
year has outpaced traditional assets such as stocks and gold. The
ratio comparing Bitcoin’s price to that of the precious metal has
reached its highest level in over two years, indicating a shifting
preference among investors towards digital assets. The overall
value of digital assets, including various cryptocurrencies, now
stands at a staggering $2.2 trillion, a substantial increase from
the lows experienced during the bear market of 2022 when the market
value dipped to around $820 billion. This resurgence demonstrates
the resilience and growing prominence of digital assets in the
financial landscape. BTCUSD trading at $55,799 on the daily chart:
TradingView.com Contrary Market Indicators Fail To Deter Crypto
Momentum In an intriguing development, despite a rise in US
Treasury yields, which typically signals expectations for tighter
monetary policy, the bullish momentum in the cryptocurrency market
remains resilient. Digital tokens like Bitcoin are experiencing
notable upward movements, defying conventional market indicators.
Fundstrat Global Advisors’ Head of Digital-Asset Strategy, Sean
Farrell, noted in a recent statement that the “bullish momentum in
crypto is unfolding despite an uptick in rates,” highlighting the
unique dynamics influencing the cryptocurrency market. Related
Reading: Ethereum Bullish Run: Analyst Eyes $4,500 After ETH
Breached $3K MicroStrategy Boosts Corporate Bitcoin Holdings In the
midst of this ongoing rally, MicroStrategy, a notable enterprise
software firm recognized for incorporating Bitcoin into its
corporate strategy, has announced a significant addition to its
cryptocurrency holdings. The company revealed that it had purchased
an additional 3,000 Bitcoin tokens this month, bringing its total
Bitcoin holdings to approximately $10 billion. This strategic move
by MicroStrategy highlights the growing acceptance of
cryptocurrencies as a valuable asset by corporate entities.
Featured image from, chart from TradingView
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