BITCOIN CLIMBS ABOVE $57,000 FOR FIRST TIME SINCE LATE 2021

Tue 26 February 2024:

Bitcoin retook the $57,000 level for the first time since late 2021, supported by investor demand through exchange-traded funds as well as further purchases by MicroStrategy Inc.

The digital asset added as much as 4.4% to reach $57,039 before paring some of the jump to trade at $56,534 as of 6 a.m. Tuesday in New York. Bitcoin’s price has increased 32% since the turn of the year, extending a prolonged rally that has also stoked speculative appetite for smaller tokens like Ether and Dogecoin.

Since the US Securities and Exchange Commission approved spot Bitcoin ETFs, or exchange-traded funds, on January 11, the price of bitcoin has surged. After the change, investors—financial institutions in particular—were able to trade Bitcoin without holding any of it.

In addition, the world’s biggest cryptocurrency will see its halving in the second half of April as traders adopt a bullish stance.

Ethereum, the world’s biggest altcoin by market cap, was up 2.4% to $3,180 at the same time, gaining 7.6% in the past week.

The price surge in Ethereum is a result of the potential approval of a spot Ethereum ETF and its upcoming Dencun upgrade on March 13.

Amid the rally, some altcoins saw their prices rising as much as 12%. 

The total value of the cryptocurrency market was up 4.5% to $2.09 trillion, while Bitcoin’s share of the crypto market, known as dominance, was at 51.4% and Ethereum’s dominance was at 18.3%, according to data from CoinMarketCap, a digital asset price-tracking website.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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