Key Points
Bitcoin’s Bull Run Continues
Bitcoin’s price continues to surge, reaching $60K.
At the time of writing, Bitcoin is trading at $59,254, up 5% with a market cap of $1.16 trillion.
In just three days, Bitcoin’s price has increased by 17%, adding over $120 billion to its market cap.
This price surge follows closely after MicroStrategy’s acquisition of an additional 3,000 BTC.
The purchase, which occurred between February 15th and 25th, cost $155 million with an average price of $51,813 per Bitcoin.
MicroStrategy now holds $10 billion worth of Bitcoins in its reserves.
Mikkel Morch, founder of ARK36, suggests that this rally is primarily driven by MicroStrategy’s recent purchase, a significant institutional endorsement of Bitcoin.
Morch believes that this rally is a declaration of confidence among institutional investors in the transformative potential of cryptocurrencies.
Furthermore, the approval of Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, increasing trading volumes and spotlighting crypto-linked firms.
Expectations for Bitcoin’s Future
Bullish traders anticipate that a combination of euphoric sentiment, institutional demand, and historical gains related to Bitcoin’s halving event could propel the asset to surpass its all-time high of $69,000 in March.
Bitcoin halving events have historically triggered significant bull rallies, with prices surging by several hundred percent in the months following each event.
The upcoming halving, expected in mid-April, is adding to this anticipation.
Additionally, the success of spot bitcoin exchange-traded funds (ETFs) and increasing institutional interest have contributed to strong bullish sentiment, with the trading volume of nine bitcoin ETFs in the US reaching a record high of $3.2 billion last week.
Ethereum’s Price Rally
Alongside Bitcoin, Ethereum has also seen a significant increase, gaining nearly 15% over the last week.
At the time of writing, Ethereum’s price is up 3% at $313 with a market cap of $400 billion.
The growing anticipation for the approval of spot Ether ETFs highlights the continued maturation of the cryptocurrency market.
This acknowledgment reflects Ethereum’s significance beyond being a digital currency, recognizing its pivotal role as an infrastructure foundation for a future where finance and technology converge more seamlessly.
Besides the optimism around spot Ether ETFs, the current excitement revolves around the Ethereum Dencun upgrade scheduled next month in March.
On Tuesday, Ethereum developers successfully implemented the Dencun upgrade across all testnets, now awaiting the final implementation on mainnet.
