Crypto Price on February 28: Bitcoin jumps above $59,500 for the first time since November 2021
cryptocurrency Bitcoin surged for a fifth day on Wednesday to near $59,500 for the first time since November 2021, buoyed by flows into new US spot Bitcoin exchange-traded products that have driven it up nearly 40% in February.
Bitcoin was last up 4.6% at $59,186, its highest since December 2021, while Ethereum rose 3.1% to $3,354, having hit another two-year high. Meanwhile, the global cryptocurrency market cap rose 3.53% to nearly $2.22 trillion in the last 24 hours.
«Bitcoin achieved a new milestone by surpassing the $59,000 threshold. This surge can be attributed to the substantial trading activity, totaling $3 billion, in Bitcoin spot ETFs, showing increasing demand in the market,» said Edul Patel, CEO of Mudrex.
«Moreover, the approaching Bitcoin halving event, a historical catalyst for price surges, adds to the positive outlook. Given the current trajectory of increasing demand and optimistic sentiment among investors, there is a strong likelihood that Bitcoin will exceed its previous all-time high soon,» Edul said.
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View Details»Shivam Thakral, CEO of BuyUcoin, said, «The latest Bitcoin bull run which is mainly fuelled by the supply pressure due to heavy inflows to the Bitcoin ETFs has taken the Bitcoin to an all-time high in India. The current rally is expected to continue its upward trend well into the halving which is
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