Bitcoin has made significant strides in the market, climbing to a value of $57,250, which is within 19.9% of its previous high of $68.6K set 27 months ago.
Currently, traders are closely eyeing BTC as interest in altcoins takes a temporary backseat.
🥳 #Bitcoin has now scratched its way to a market value as high as $57,250, reaching within 19.9% of the $68.6K high established 27 months ago. Now at a pivotal moment, traders' interest in $BTC is exceedingly high as #altcoins have temporarily taken a back seat.
💸 Previous… pic.twitter.com/ob7cL5xeMz
— Santiment (@santimentfeed) February 27, 2024
Microstrategy’s recent acquisition of an additional 3,000 Bitcoin has played a pivotal role in driving the market value of the leading cryptocurrency to as high as $57.4K, marking its highest price in over two years.Â
🚨 JUST IN: #MicroStrategy has procured an extra 3,000 $BTC for about $155 million with an average cost of $51,813 per #Bitcoin.
As of February 25, 2024, #MicroStrategy now holds 193,000 $BTC acquired for approximately $6.09 billion at an average price of $31,544 per $BTC 🔥🚀 pic.twitter.com/OkZPd3n1HI
— CoinEcho (@mycoinecho) February 26, 2024
Interestingly, this surge occurred on a day when the S&P 500 experienced a decline of -0.5%, suggesting a potential decoupling of crypto from traditional equity markets.
Historically, the cryptocurrency market has demonstrated minimal correlation with stock markets, often leading to significant bull runs for both Bitcoin and altcoins.
Whales Moving, Bitcoin As 95% Of Bitcoin Addresses Are Now On Profit
Amidst Bitcoin’s price surge, reports surfaced of a whale withdrawing 500 BTC ($28.16M) from Binance. Additionally, a new wallet withdrew 900 BTC ($47.1M) from Binance in the past 24 hours.
The price of $BTC just exceeded $56,500!
A whale withdrew 500 $BTC($28.16M) from #Binance 25 mins ago!https://t.co/63CQBack7Z pic.twitter.com/PKFaQnWm60
— Lookonchain (@lookonchain) February 27, 2024
Bloomberg analyst Eric Balchunas highlighted that daily trading volume for nine new spot Bitcoin ETFs, excluding GBTC, reached a record high of $2.4 billion, nearly double the recent average daily volume. BlackRock IBIT also experienced a surge in trading volume, reaching $1.3 billion, approximately 30% more than its previous all-time high.
Data from @IntoTheBlock indicates that 95% of Bitcoin addresses are currently in a profitable state. The last time such a high level of profitable addresses was observed was during the bull market of 2021, when Bitcoin’s price surpassed $60,000.
Bitcoin’s recent performance underscores the ongoing evolution and growing interest in the cryptocurrency market, signaling potential opportunities and challenges ahead for traders and investors alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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