Categories: Bitcoin

Bitcoin reaches a 2-year high value of $57,000

Bitcoin reaches a 2-year high value of $57,000

Markets closing on February 26, 2024, showed the value of BTC above $57,000. That marked the highest in the last two years. More specifically, BTC was last at that level in November 2021. However, the rally lasted for a little while before dropping to $56,000. Experts said that the rise is driven by ETF inflows in recent days, along with institutional and retail participation.

A total of $570 million inflow was recorded in the previous week alone, bringing the year-to-date inflow to ~$5.6 billion. As for the digital asset investment, the inflow was recorded at $598 million in the previous week.

Zakhil Suresh, the Chief Executive Officer of BitSave, credited the surge to Spot Bitcoin ETF and the upcoming Bitcoin Halving. Suresh added that despite a decline in the price immediately after the approval of Spot Bitcoin ETF applications, the resistance level of less than $40,000 remained in line with the 100-day Moving Average. He further noted that Bitcoin was now the second biggest ETF commodity, surpassing silver with $39.40 billion in AUM, Assets Under Management. Silver was last reported to have $11.5 billion in AUM.

The next target for Bitcoin is to reach the milestone of $60,000. BTC is currently exchanging hands at $56,455.48, with a rise of 9.62% in the last 24 hours. BTC price prediction estimates that BTC will end the year at around $69,000. That will pave the way for the token to inch closer to the dream mark of $100k eventually.

Chris Newhouse, a DeFi analyst at Cumberland Labs, interacted with the media. They said that the token was fast approaching the yearly high amid the rise in spot demand and momentum traders taking positions after a week of consolidation. Chris further pointed out that there is an increase in the open interest for perpetual Bitcoin futures.

MicroStrategy continues to back its BTC holdings. The firm was last reported to have accumulated additional tokens worth $155.4 million. This roughly translates to 3,000 tokens, taking its total holdings to $10 billion in BTC. Following the same announcement, the value of its shares increased by 14%.

BTC is up by 8.49% in the last seven days and by 35.07% in the previous 30 days. The 24-hour volume has experienced a massive surge of 233.53%. ETH, too, has experienced a rise of 4% in the last 24 hours. That has taken its valuation to $3,233.48 at the time of drafting this article.

Bitcoin halving could add more momentum to the cryptosphere. If Spot Ether ETF applications see the light at the end of the tunnel, that would be another pivotal point for the market and crypto enthusiasts.

Roxanne Williams: Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.