Last updated on May 18th, 2024 at 12:11 pm
Bitcoin, the largest cryptocurrency by market cap surpassed $59k on February 28 for the first time since November 2021. The entire crypto community is blazing with excitement about the progression and hopes for a further upward trend.
The bull sentiment continues across the crypto market. This is reflected in the crypto fear & greed index figure for today, sitting at 82 representing a 3 points shift from yesterday’s 79 according to Alternative data. This is the highest level it has reached in over a year implying “extreme greed.”
Source: Alternative
As a result, many altcoins including Ethereum (ETH), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have recorded impressive gains of 3.16%, 5%, 3.6%, and 5.3% in the last 24 hours.
How soon can BTC reach $60k?
Over the past several weeks, the most popular cryptocurrency has been leading the crypto market in a price rally, exhibiting impressive growth and chasing new highs.
Over the weekend, it traded around $51k-$52k, but the story changed on Monday morning. The bulls held strong and drove the price to $53k and then even further to test $57k on Tuesday.
However, on Wednesday, Feb 28, a new rally began, sending the price of the digital asset above the $59,000 mark for the first time since the bull run in November 2021.
The price increase occurred due to demand generated by spot bitcoin exchange-traded funds (ETFs), which had cumulative trading volumes of over $3 billion on Tuesday. Some traders also attributed a pre-halving spike in bitcoin to the anticipated halving event in April.
According to Coinglass data, futures bets on lower bitcoin prices have taken on $25 million in liquidations since Asian morning hours, which could have contributed to the price rise.
With this steady increase in BTC value, investors eye the next milestone of $60k. If the positive sentiment continues and more money is pumped into the market, we might be reaching $60,000 shortly.
At the time of writing, Bitcoin (BTC) is trading at $59,153 according to Coinstats data, representing a 4.37% increase over the last 24 hours. In addition, BTC has a 24-hour trading volume of $113,229,963,313 ($113 billion) and a live market cap of $1.16 billion.
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Read more: Crypto Price Analysis 02/27: Dogecoin (DOGE), Will The Rise Continue?
