The pioneering cryptocurrency, Bitcoin, experienced an impressive 3.79 % increase in the last 24 hours, taking it to $58,504. This price marks a significant milestone for Bitcoin, which had not reached this level for more than two years.

According to data provided by CoinMarketCap, the digital asset also posted strong performance over the broader time frames. On the weekly chart, the cryptocurrency rose more than 13.5 %, while on the monthly chart, it has experienced an impressive increase of 38 %.

This rise in the price of Bitcoin came right after the announcement that MicroStrategy, the company led by Michael Saylor, acquired an additional 3,000 BTC for a total of 155 million.

These purchases were made at an average price of 51,813 between 15 and 25 February. With a total of 193,000 BTC acquired over time, MicroStrategy has become the largest Bitcoin holder among publicly listed companies.

Founder of ARK36 digital asset investment fund, Mikkel Morch, attributes this rally to strong institutional backing.

“This rally is not just numbers on a chart; it’s a statement of confidence among institutional investors in the transformative potential of cryptocurrencies… In addition, the green light for Bitcoin ETFs has injected a new wave of optimism, boosting trading volumes and putting the spotlight on cryptocurrency-linked companies amidst a wider market full of apprehension.”

The total capitalization of the cryptocurrency market has also experienced an increase of 2.85 % in the last 24 hours, reaching USD 2.19 trillion. On February 27, the industry managed to recapture the market capitalization of USD 2 trillion, driven by a combination of inflows of ETFs from Bitcoin and an improvement in investor sentiment toward cryptocurrencies.

K. Tovar

Source: Cointelegraph

(Reference image source: Kanchanara, Unsplash)

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