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Bitcoin (BTC) Tops $55,000 for the First Time Since 2021

Bitcoin (BTC) Tops $55,000 for the First Time Since 2021

DailycoinDailycoin2024/02/27 23:10
By:Dailycoin
  • Bitcoin has resumed an upward trajectory.
  • The crypto asset’s price reached a new yearly high on Tuesday.
  • Such a price level was last seen in 2021.

Bitcoin (BTC), the largest crypto asset by market capitalization , tapped a new yearly high on Tuesday, surpassing a price mark last seen in December 2021.

Following a bullish trend that saw the asset hover slightly above the $50,000 price point for the better part of last week, BTC has resumed an upward momentum, gaining as much as 8.58% in the last 24 hours and 33.06% over the last month.

Bitcoin Rallies Toward 2021 Highs

On February 27 at about 1:30 AM UTC, the price of Bitcoin started rapidly gaining from $54,753 to $57,039 in less than an hour before pairing some of the gains to trade at $56,328 at about 3:00 AM UTC.

As of press time, the industry’s largest crypto asset had retraced to around $55,730, nearly 21% away from the all-time high of $69,000 in November 2021.

BTC’s early Tuesday rally follows an impressive performance of spot Bitcoin exchange-traded funds ( ETFs ) on February 26.

According to Bloomberg ETF analyst Erich Balchunas , nine Bitcoin ETFs broke the all-time volume record on Monday with $2.4 billion, double their recent daily average. This shows a growing demand for the crypto asset beyond regular digital asset enthusiasts.

Analysts further anticipated Bitcoin’s price to rally with a potential supply shock arising from the combined buying pressure by these Bitcoin ETF funds. Coupled with the approaching Bitcoin halving, this supply-demand dynamic contributed to the optimistic sentiment, potentially driving the price upwards.

Adding to Tuesday’s bullish momentum, MicroStrategy announced earlier a purchase of an additional 3,000 BTC, bringing its total Bitcoin holdings to 193,000 BTC.

Read why Trump is calling for Bitcoin regulation:
Trump Calls For Bitcoin Regulation as Holdings Soar Past $5M

Stay updated on Ethereum’s new price success:
ETH’s $3K Success Breaths New Life into Ethereum L2 Market

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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