Cryptocurrency Market Surges as Bitcoin Hits 27-Month High
Major cryptocurrencies experienced a significant surge on Tuesday, with Bitcoin reaching a 27-month high and hovering around $57,000 levels. The rally in Bitcoin’s price propelled the broader crypto market, fueled by growing investor optimism and a surge in investments into spot Bitcoin exchange-traded funds (ETFs).
According to data, Bitcoin’s price last reached the $57,000 level over two years ago on December 2, 2021. The cryptocurrency market is currently experiencing a strong bullish sentiment, with the Fear & Greed Index registering at 79 on Feb. 27, indicating “extreme greed.” This level of extreme greed was last observed in November 2021 when Bitcoin surged to an all-time high of $69,000.
CoinShares’ report indicates that BTC investment products dominated last week’s crypto fund inflows, comprising 99% of the total. Bitcoin alone attracted $569.5 million in fund inflows, contributing to total global assets under management of $67.5 billion. Additionally, data from Yahoo Finance shows that Bitcoin ETFs have collectively received inflows totaling $5.5 billion since their market debut on Jan. 11.
In terms of top gainers in the past 24 hours, Pepe, Arweave, and Gala were among the cryptocurrencies that saw significant price increases. The global cryptocurrency market cap now stands at $2.16 trillion, showing an 8.92% increase in the past 24 hours.
Cryptocurrency analyst Michael Van de Poppe noted a substantial rally in Ethereum, stating that a 10-20% correction after its recent run would be normal. He also mentioned the potential for Ethereum to visit $4,000 in the future. Analyst Jason Pizzino suggested that Bitcoin may lean towards an uptrend, with a potential target in the $45,000 range if there is a correction.
Senior Crypto Research Analyst Ryan Rasmussen of Bitwise projected a bullish trajectory for Bitcoin, with the potential for a price surge to $88,000 by the end of 2024. Ryan Lee, Chief Analyst at Bitget Research, also expressed a bullish sentiment, stating that institutions are supporting Bitcoin’s price, which may fluctuate to hit historical highs in March.
Overall, the cryptocurrency market is witnessing a surge in investor interest and optimism, driven by Bitcoin’s price rally and growing institutional support. With various analysts projecting further price increases and a positive outlook for the future, the crypto market continues to attract attention and investment.
