Bitcoin, the inaugural cryptocurrency, experienced a 3.79% surge in the 24-hour period preceding 8:20 am UTC, reaching a trading value of £58,504, marking its highest point in two years and three months.
According to data from CoinMarketCap, Bitcoin has seen an increase of over 13.5% on the weekly chart and more than 38% on the monthly chart.
This surge in Bitcoin’s price follows the recent announcement that Michael Saylor’s MicroStrategy had purchased an additional 3,000 BTC, totalling $155 million at an average price of $51,813 between Feb. 15 and 25.
With a cumulative acquisition of 193,000 BTC for $6.09 billion at an average price of $31,544, MicroStrategy stands as the largest Bitcoin holder among publicly traded companies.
Founder of the digital asset investment fund ARK36, Mikkel Morch, attributes MicroStrategy’s recent acquisition as the driving force behind this rally. Morch stated in a research note shared with Cointelegraph:
“This rally is not merely reflected in numbers on a chart; it signifies the confidence among institutional investors in the transformative potential of cryptocurrencies…
Additionally, the approval for Bitcoin-owning ETFs in the United States has infused a new wave of positivity, increasing trading volumes and bringing crypto-linked firms into focus amidst a broader market overshadowed by uncertainty.”
Over the past 24 hours, the total crypto market capitalization has risen by 2.85% to £2.19 trillion.
READ MORE: Grayscale’s Bitcoin ETF Records Record Low Outflows Amidst Rising Market Momentum
On Feb. 27, the industry reclaimed the £2-trillion market capitalization as Bitcoin surpassed £57,000, boosted by inflows into Bitcoin exchange-traded funds (ETFs) and an uplift in crypto investor sentiment.
Morch predicts the potential for a new all-time high for both Bitcoin and Ether (ETH) in the coming weeks, driven by the anticipation surrounding the upcoming Bitcoin halving and the potential approval of a United States spot Ether ETF. He elaborated:
“The excitement surrounding the approval of spot Ether ETFs further highlights the maturity of the cryptocurrency market, acknowledging Ethereum’s role not only as a digital currency but also as an infrastructure backbone for a future where finance and technology converge more seamlessly.”
The nine spot Bitcoin ETFs recorded a combined trading volume of over $2 billion for the second consecutive day on Feb. 28.
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