2/27/2024

Bitcoin price exceeds $57,000

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Key points:

  • Bitcoin is enjoying its biggest two-day rally, up 10%.
  • Ethereum is at its highest since 2022.
  • Bitcoin halving is expected in April.

On Tuesday, Bitcoin reached its highest point in two years, gearing up for its most substantial two-day surge of the year. Concurrently, ether, the primary rival in the realm of cryptocurrencies, surpassed the $3,200 mark for the first time since 2022.

Bitcoin witnessed a surge of over 10% across two sessions, driven in part by the announcement from crypto investor and software company MicroStrategy. On Monday, MicroStrategy revealed its acquisition of approximately 3,000 bitcoins at a cost of $155 million.

Bitcoin ETFs influence market dynamics

The primary and most significant cryptocurrency, measured by market value, experienced a positive impact following the recent approval of Bitcoin Exchange-Traded Funds (ETFs) in the United States. Trading volumes saw a substantial increase across various funds on Monday, leading to a rise in the stock prices of companies associated with cryptocurrencies.

Bitcoin reached a peak of 4.3%, reaching $57,036, marking its highest level since late 2021. However, it later underwent a correction, decreasing by 3.6% to $56,636. Concurrently, Ether witnessed a gain of up to 2.7%, reaching $3,273, representing its highest level since April 2022.

Bitcoin halving is just around the corner

The main stimulus at the moment is the Bitcoin halving in April. The process is intended to slow down the supply of bitcoins, which are limited to 21 million of which 19 million have already been created, and halve the reward to miners.

Bitcoin’s value rose 32% in February, on pace for its biggest monthly gain since January 2023, and the momentum is gaining momentum outside the investment community.

Shares of cryptocurrency exchange Coinbase rose 5.2% in U.S. premarket trading, while shares of bitcoin miners Marathon Digital and Riot Platforms rose 8.3%. % and 4.5%.

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