Daisy Watts
Feb 29, 2024
An undated image of Bitcoin. — Pexels
After rising over 44% this month so far —its highest since December 2020 — the intense intraday trade of Bitcoin (BTC) on Thursday has set in sight the biggest monthly gain in over three years.
BTC, world's most-traded cryptocurrency, was observed stable at $61,100 morning in Asia, and exchanged for as high as $63,933 overnight.
Being the biggest cryptocurrency in the world by market capitalisation, the perpetual ascent in its value indicates a "a test and likely break" of $69,000, which would take it far above its record high it registered at its prime in November 2021, said Tony Sycamore, an analyst at brokerage IG Markets.
Read more: Bitcoin price today: World’s largest cryptocurrency surpasses $60,000
Ether, to stand in line with the profit-making spell of the BTC, was recorded at $3,416 after undergoing a 50% hike in February only.
"If this were any other market, it would likely be in the 'blow-off top - don't go near that bubble' category. But bitcoin is back in its parabolic-rally phase, with no immediate signs of a top," said Matt Simpson, senior market analyst at City Index.
The consistently skyrocketing surge in the value of Bitcoin is likely driven by the approval of US-listed spot bitcoin exchange-traded funds in the US this year by the US Securities and Exchange Commission (SEC).
Data released by the London Stock Exchange Group (LSEG), a British financial markets infrastructure and data provider, inflow of $420 million was accumulated by the 10 largest spot Bitcoin ETFs on Tuesday alone, setting a two-week record.
Another factor which seems to have propelled this soaring trend is the impending halving event in April — taking place every 4 years to cut in half the rate at which tokens get released — which has beckoned the traders and setting the Bitcoin on a voyage to demonstrate exceptional gains.
