Bitcoin has surpassed the important $60,000 barrier, approaching its all-time high of $68,991 in November 2021.
Accordingly, on the night of February 28, Bitcoin was traded at around $60,301, approaching the peak of $68,991 set in November 2021. Currently, Bitcoin trading volume reached $50.84 billion in the past 24 hours and since the beginning of 2024, Bitcoin's value has increased by 42% in February, the strongest month of growth since December 2020. In February, the total value of all Bitcoin in circulation surpassed $2,000 billion for the first time in 2 years, according to digital currency platform CoinGecko. .
The reason for Bitcoin's sharp increase since the beginning of 2024 is believed to be that since the US securities regulator approved spot Bitcoin exchange-traded funds (ETFs) on January 10, they have helped expand public access to this digital currency.
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| Bitcoin price increased by 42% in February 2024. |
Recently, the world's largest Bitcoin holding company MicroStrategy bought about 3,000 units for $155 million. Even outsiders like social media platform Reddit have said they bought small amounts of Bitcoin and Ether.
This uptrend is supported by recent inflows and trading volumes from Bitcoin spot ETFs, which now hold over 300,000 BTC. The climb to $60,000 also coincides with the eagerly awaited halving event, now just 52 days away.
With this milestone, the market value of the leading cryptocurrency is on track to surpass Meta, positioning Bitcoin as the world's ninth most valuable asset by market capitalization. While Bitcoin is currently ranked as the world's 10th largest asset by market capitalization, it has nearly eclipsed Meta's (formerly known as Facebook) valuation of $1.24 trillion. Additionally, surpassing silver's global market capitalization of $1.27 trillion could soon become a reality for Bitcoin.
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