Daisy Watts
Feb 27, 2024
An undated image displaying a Bitcoin.—Pixabay
Bitcoin (BTC), world's most-traded cryptocurrency, on Monday rose to $57,036, a two-year high in wake of the heavy buying sessions led by crypto bigwigs.
Benefitting from the gaining trend, BTC rival Ether surged over $3,200 at $3,275 for the first time since 2022.
A crucial player to bring BTC value here is the 10% increase it registered during its last two sessions, with the substantial chunk coming from the disclosure by MicroStrategy, a crypto investor and software firm, announcing that it acquired about 3,000 for $155 million. BTC's persistent upside rush is also led by the exchange-traded funds (ETFs) approval in the US.
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Justin d'Anethan, head of partnerships in Asia at Keyrock, said "There's only so much supply ... but the demand unleashed by the U.S. spot ETFs seems to be relentless."
What's further backing this recent hike, capturing global attention, is the impending halving event of the BTC that would start by April, which is aimed to minimise the outflow of the currency which is capped at 21 million, of which 19 million have already been mined.
BTC has so far in February added over 32% in its value, seemingly heading towards its biggest one-month gain since January 2023. Meanwhile, Ether registering gains faster than BTC, increased 1.1% at two-year highs.
