Cryptocurrencies saw a surge on Monday, with the largest cryptocurrency by market capitalization, Bitcoin, smashing through its major resistance level at $53,000. This surge in Bitcoin’s price has sent shockwaves throughout the cryptocurrency market, with other major cryptocurrencies also experiencing significant gains.
Bitcoin surged to over $56,000 on Monday, reaching its peak price since November 2021. This surge was driven by several factors, including continuous spot Bitcoin ETF inflows, the halving, and positive investor sentiment from both retail and institutional players. The trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETF) reached a daily record of $2.4 billion, surpassing the previous record set on the first trading day.
Among the ETFs, BlackRock’s IBIT garnered the highest volume on February 26, followed closely by Fidelity’s FBTC. Additionally, the ARK 21Shares and Bitwise BITB ETFs also witnessed significant flows.
MicroStrategy, the leading corporate holder of Bitcoin, notably expanded its Bitcoin portfolio by acquiring an additional 3,000 Bitcoin. This move further solidifies the company’s position as a major player in the cryptocurrency market.
The global cryptocurrency market cap now stands at $2.13 trillion, showing a 7.14% increase in the past 24 hours. The surge in cryptocurrency prices also had an impact on the stock market, with stocks associated with the price of Bitcoin seeing significant gains.
Cryptocurrency analysts have shared their insights on Bitcoin’s price trajectory, with some predicting a $100K valuation for Bitcoin in the near future. Analyst Michael Van de Poppe noted the surge in Bitcoin’s price and highlighted the importance of upcoming economic data releases.
Overall, the surge in cryptocurrency prices on Monday has sparked excitement among investors and analysts alike. As Bitcoin continues to break through key resistance levels, the future looks bright for the cryptocurrency market.
