Bitcoin, the world’s pioneering cryptocurrency, experienced a 3.79% increase in value within a 24-hour period, reaching $58,504 at 8:20 am UTC. This marks the first time in two years and three months that Bitcoin has reached this price level. Over the course of the week, Bitcoin has seen a significant surge of over 13.5%, and on the monthly chart, the increase stands at over 38%, as reported by CoinMarketCap.
The recent surge in Bitcoin’s price follows the news that MicroStrategy, led by Michael Saylor, has acquired an additional 3,000 BTC. The total cost of this acquisition amounts to $155 million, with an average price of $51,813, during the period from February 15 to 25. MicroStrategy now holds a total of 193,000 BTC, acquired for $6.09 billion at an average price of $31,544. This makes MicroStrategy the world’s largest Bitcoin holder among publicly traded companies.
Mikkel Morch, the founder of the digital asset investment fund ARK36, believes that MicroStrategy’s recent purchase is the main driving force behind this price rally. In a research note shared with Cointelegraph, Morch stated that this institutional endorsement is fueling the rally.
The overall market capitalization of the cryptocurrency market has increased by 2.85% in the past 24 hours, reaching $2.19 trillion. On February 27, the market capitalization surpassed the $2 trillion mark, as Bitcoin surpassed $57,000. This surge can be attributed to a combination of inflows into Bitcoin exchange-traded funds (ETFs) and an improvement in crypto investor sentiment.
Morch predicts that both Bitcoin and Ether (ETH) may reach new all-time highs in the coming weeks. This is driven by the anticipation of the upcoming Bitcoin halving and the potential approval of a spot Ether ETF in the United States.
On February 28, the nine spot Bitcoin ETFs recorded a combined trading volume of over $2 billion for the second consecutive day.
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According to CryptoQuant, Bitcoin ETFs account for approximately 75% of new investments.